What is meant by price inelasticity?
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A market for an item in which the price of the product has no bearing on the supply or demand for it. An example of price inelastic in the commodity business would have the price of the commodity change without a change in the overall demand or consumption of the commodity.
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supply also increase demand also decrease same condition price defined upon supply and demand
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inelasticity is an economic term used to describe the situation in which the quantity demanded or supplied of a good or service is unaffected when the price of that good or service changes.
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