Which supply type changes minimally with price changes?

Inelastic supply refers to a situation where the quantity supplied changes very little in response to price changes. This means that even if there is a significant increase or decrease in price, the producers are not very responsive in adjusting the quantity of goods they supply to the market.

This can be attributed to various factors, including the nature of the goods being supplied, production limitations, or the time frame considered. For example, in the short term, producers might have fixed resources or production capabilities that prevent them from increasing supply quickly, even if prices rise significantly. Similarly, goods that are essential and have fewer substitutes (like food or basic utilities) tend to exhibit inelastic supply because producers cannot easily ramp up production to meet changing demand without incurring significant costs or time delays.

In contrast, perfectly elastic supply would mean that producers are willing to supply any amount at a certain price but none at a lower price, while elastic supply indicates a more significant responsiveness to price changes and unit elastic supply denotes a proportional response. Hence, inelastic supply is distinct because it emphasizes minimal change in quantity supplied despite price fluctuations.