If demand hardly changes with a small decline in price, we say that the demand is inelastic.

Question

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If demand is inelastic, it means that a change in price doesn't have a significant effect on the quantity demanded by consumers. In other words, even if the price of a product decreases, consumers are unlikely to significantly increase their purchases, and if the price increases, they are unlikely to significantly decrease their purchases.

If Demand Hardly Changes with a Small Decline in Price