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

Name: Demand for a good is said to be inelastic if the quantity demanded increases slightly when the price falls by a large amount.
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Inelastic demand means that the quantity demanded is not very responsive to price changes, so a large price decrease results in only a slight increase in quantity demanded.

Demand for a Good Is Said to Be Inelastic If