1. A situation in which a cut in price yields such a small increase in quantity taken by the market that total revenue decreases. 2. A situation in which the percentage of quantity taken in the market "stretches" less than the percentage drop in price.

Relatively large changes in demand price cause relatively smaller changes in quantity demanded. Inelastic demand means that changes in the quantity demanded are not very responsive to changes in the d [..]

Definition Demand for a good or service that does not increase or decrease in response to changes in price. Demand for goods that are life necessities, such as water, or economic necessities, such as [..]

The type of demand that exists when the percentage change in quantity demanded is less than the percentage change in price; that is, consumers are not very sensitive to a change in the price of a good [..]

Inelastic demand is a consumer demand for a product that is not significantly affected by an increase or reduction in price. It is a situation where the demand for a product does not increase or decre [..]

A good has an inelastic demand when a price change results in only a small reduction in the quantity consumed. More specifically, it refers to the situation when a one percent increase in price causes [..]

Demand inside elastics.