A product with an inelastic demand means that consumers are relatively insensitive to a change in the price of the product.

Name: A product with an inelastic demand means that consumers are relatively insensitive to a change in the price of the product.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Inelastic demand means that a change in price will not significantly affect the demand for the product. In other words, consumers will continue to buy the same amount of the product even if the price increase.

A Product with an Inelastic Demand Means That Consumers Are