un elasticity

Cultural Dictionary

elasticity definition


A shift in either demand or supply of a good or service depending on its price. Demand is said to be elastic when it responds quickly to changes in prices, and inelastic when it responds sluggishly.

American Heritage
Cultural Dictionary

elasticity definition


The property of a material that allows it to return to its original shape after having been deformed and to exert a force while deformed. (See stress.)

The American Heritage® New Dictionary of Cultural Literacy, Third Edition
Copyright © 2005 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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