elasticity

Definition

The degree to which a price change for an item results from a unit change in supply (called supply elasticity) or a unit change in demand (called demand elasticity). opposite of inelasticity.

Use elasticity in a sentence

You should always know how much elasticity your product has and figure out the best ways to market it to others.

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The elasticity in purgatory of goods has been irrational lately. You never know if you are getting a deal or being ripped off.

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Russell knew that there was a lot of elasticity in the print shop market, so he demanded that his employees provide excellent customer service.

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elasticity of substitution point elasticity