Inelastic demand for a product means that if the product's price goes up,demand for it declines,but if the products price goes down,demand increases.

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Inelastic demand means that a change in price has a relatively small effect on the quantity demanded of the product. Therefore, if the price goes up, demand may decrease slightly but not enough to offset the increase in price, and if the price goes down, demand may increase slightly but not enough to offset the decrease in price. Elastic demand is when a change in price has a large effect on the quantity demanded, leading to a more significant increase or decrease in demand as the price changes.

Inelastic Demand for a Product Means That If the Product's