What do we mean by inelastic demand?
A situation in which the demand for a product does not increase or decrease correspondingly with a fall or rise in its price.
Few choices or few options are available. Lack of substitutes.
What do we mean by inelastic demand?
A situation in which the demand for a product does not increase or decrease correspondingly with a fall or rise in its price.
Few choices or few options are available. Lack of substitutes.