When demand for a product is_____,an increase or decrease in the price of a product will not significantly affect demand for the product.

Question

Quizplus · Accepted Answer

When demand for a product is inelastic, it means that consumers are not very responsive to changes in price. This could be due to the product being a necessity (like gasoline) or the absence of close substitutes. Inelastic demand means that an increase or decrease in price will not significantly affect the demand for the product, so the quantity demanded will remain relatively stable.

When Demand for a Product Is_____,an Increase or Decrease in the Price