1. A situation in which the quantity offered to the market increases less than proportionately to an increase in price. 2. A situation in which the percentage of goods offered to the market "stretches" less than the percentage increase in price.

Relatively large changes in supply price cause relatively smaller changes in quantity supplied. Inelastic supply means that changes in the quantity supplied are not very responsive to changes in the s [..]

Definition A characteristic of a good or service for which the supply does not increase or decrease in response to changes in price. Inelastic supply may be due to limitations on the speed of the prod [..]

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