👉 Inelasticity refers to a measure of how much a consumer's willingness to pay for a good or service changes when the price of that good or service increases or decreases. It is often used in economics and business to analyze how consumers' behavior towards purchasing goods and services will change if prices rise or fall. The term "inelasticity" means that as long as there are no external factors (such as inflation, interest rates, or changes in consumer preferences), the demand for a good or service
