What is the term used to describe a product for which increases or decreases in prices do not lead to proportional increases or decreases in demand?

Question

Quizplus · Accepted Answer

The term used to describe a product for which increases or decreases in prices do not lead to proportional increases or decreases in demand is called inelastic. This means that a change in price will not have a significant impact on the quantity of the product demanded by consumers.

What Is the Term Used to Describe a Product for Which