elastic demand

Definition

Demand for a good or service that decreases when the price of the good or service increases, and increases when the price decreases. Elastic demand is generally a characteristic of goods or services that are not necessities, which consumers may choose not to purchase if the price exceeds a certain threshold.

Use elastic demand in a sentence

There was a lot of elastic demand going on in the market and that made us change up our strategy a little bit.

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The elastic demand further illustrated the importance of refining our delivery with regards to our marketing campaign in the region.

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My boss does not like the candy business because he believes too many people will avoid buying candy when the price goes up and that it has severe elastic demand.

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elastic elastic supply