When demand hardly changes with a small change in the price of a product, the demand for the product is best described as ________.
A) elastic
B) flexible
C) inelastic
D) variable
E) cyclical

Question

Quizplus · Accepted Answer

The demand for a product is said to be inelastic when a small change in price does not have a significant impact on the quantity demanded by consumers. Inelastic demand typically occurs for basic necessities or products with few substitutes.

When Demand Hardly Changes with a Small Change in the Price