Definition of Perfectly inelastic:
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?
- 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.
- I was glad the product was perfectly inelastic because that meant the price would not effect the supply and I liked that.
- 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