price inelastic
adjective
ukus(also price-inelastic [ only before noun ]) ECONOMICS
used to describe a product or service for which the price does not change even if supply or demand go up or down:
Gasoline has no substitutes and is price inelastic.
Price-inelastic commodities are often taxed fairly heavily.
price inelasticity
noun [ U ]
Price inelasticity occurs when people cannot easily change their consumption patterns.