Limited flexibility in the context of inelastic supply refers to the phenomenon where the quantity supplied of a good or service remains relatively constant despite changes in price or demand.In many cases, production processes cannot be quickly scaled up or down in response to changes in demand or price. This can be due to factors such as long lead times for manufacturing, limited availability of skilled labor, or constraints on raw material sourcing. In other words, the supply of the product does not easily respond to changes in market conditions, leading to a rigid supply curve. When supply is inelastic, changes in demand or price can result in large price swings and shortages or surpluses of the product. Visit our website today!