If a product is price inelastic, then a small change in selling price will result in a substantial change in the volume of units sold.

Question

Quizplus · Accepted Answer

If a product is price inelastic, then a change in selling price will result in a relatively small change in the volume of units sold. This is because consumers are not highly responsive to price changes and are willing to pay more for the product.

If a Product Is Price Inelastic, Then a Small Change