Examlex
What are the issues associated with the Aristotelian approach to ethics?
Inelastic
Inelastic refers to a situation in which the quantity demanded or supplied of a good or service is relatively unresponsive to price changes.
Quantity Demanded
The total amount of a good or service that consumers are willing to purchase at a specific price level, at a given point in time.
Elasticity Coefficient
A numeric value that measures the responsiveness of the quantity demanded or supplied of a good to a change in one of its determinants, such as price.
Perfectly Inelastic
A situation where the demand for a product does not change in response to changes in price; the demand curve is perfectly vertical.
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