noun
- plural of nonelasticity; the quality or state of not being elastic; lack of elasticity or flexibility in response to changes in price, demand, or other economic variables
Usage: economics; technical
Examples
- The nonelasticities in the labor market make it difficult for wages to adjust quickly to economic changes.
- Economists study the nonelasticities of supply and demand to understand market behavior.
- The nonelasticities of certain essential goods mean that consumers cannot easily reduce their purchases when prices rise.
- Structural nonelasticities in the housing market prevent rapid price adjustments.
- Policy makers must account for nonelasticities when predicting the effects of tax changes on consumer behavior.