PERFECTLY INELASTIC DEMAND
(noun)Did you mean?
Definitions
There is 1 meaning of the phrase
Perfectly Inelastic Demand.
Perfectly Inelastic Demand - as a noun
A market situation in which there is a constant demand for a good regardless of the movement of its price.
Example Sentences
"The demand for insulin is a classic example of perfectly inelastic demand."
"Luxury goods often exhibit perfectly inelastic demand, as consumers will still purchase them regardless of changes in price."
"Medications for life-threatening conditions tend to have a perfectly inelastic demand."
"Basic necessities like water and electricity have a perfectly inelastic demand, as people will pay whatever price is necessary to obtain them."
"Certain addictive substances can have a perfectly inelastic demand, as consumers are willing to pay high prices to satisfy their addiction."
