What happens if the supply of a good is inelastic?

If the supply of a good is inelastic, it means that the quantity supplied does not significantly change in response to price fluctuations. This often occurs in markets for essential goods or those with limited production capacity. Consequently, if demand increases, prices will rise sharply because suppliers cannot quickly adjust their output to meet the new demand. As a result, consumers may face higher prices without a corresponding increase in the quantity available.