elastic supply

Definition

The characteristic of a good or service for which the supply may increase or decrease as needed to match changes in demand. Goods or services whose supply is elastic do not depend on scarce resources for production or fulfillment, and therefore will not see price changes as drastic as those produced by changes in demand for a limited resource.

Use elastic supply in a sentence

There was an elastic supply and that meant a few things that we needed to know for the good of our company.

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The elastic supply nature of the economy in that market was demonstrated as we saw demand fluctuate greatly in the region.

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A man who owned a Printer and copy store said to his employees that they have to provide the best service possible when selling their elastic supply because people can easily find other places to go

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