Insensitivity of demand to price changes is called:

Question

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Demand inelasticity means that changes in the price of a good or service result in a relatively small change in the quantity demanded. This can occur when there are few or no close substitutes for the good or service, or when the good or service is a necessity or habit. In such cases, consumers are willing to pay more for the product, even when the price increases, because they cannot easily find alternatives.

Insensitivity of Demand to Price Changes Is Called