Perfectly inelastic

Perfectly inelastic,

Definition of Perfectly inelastic:

  1. An economic situation in which the price of a product will have no effect on the supply. In a perfectly inelastic situation regardless of the amount of a product on the market, the price of the product remains the same. Perfectly inelastic is the opposite of perfectly elastic.

How to use Perfectly inelastic in a sentence?

  1. There are not many items that are perfectly inelastic , the only things I have seen that the prices have remained basically the same is the junk toys that usually cost a dollar at Walmart, everything else seems to be effected by inflation.
  2. I was glad the product was perfectly inelastic because that meant the price would not effect the supply and I liked that.
  3. You need to figure out the best way to proceed when you are dealing with something that is not perfectly inelastic .

Meaning of Perfectly inelastic & Perfectly inelastic Definition