Demand for a good is said to be inelastic if the quantity demanded increases substantially when the price falls by a small amount.

Name: Demand for a good is said to be inelastic if the quantity demanded increases substantially when the price falls by a small amount.
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Demand for a good is said to be inelastic if the quantity demanded changes little when the price changes. Elastic demand is when the quantity demanded changes significantly due to a price change.

Demand for a Good Is Said to Be Inelastic If