RAMSEY PRICING
\ɹˈamsɪ pɹˈa͡ɪsɪŋ], \ɹˈamsɪ pɹˈaɪsɪŋ], \ɹ_ˈa_m_s_ɪ p_ɹ_ˈaɪ_s_ɪ_ŋ]\
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Named after Frank Ramsey, known as the elastic rule. This is a term used to imply that if the market increases the price will increase accordingly. People used to buying a product will keep buying the product regardless of the increase in price.
By Henry Campbell Black
