When demand does not change much after a price change demand is?

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2026-08-01 10:50

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When demand does not change much after a price change, demand is considered inelastic. This means that consumers are relatively insensitive to price fluctuations, often because there are few substitutes available or the product is a necessity. Inelastic demand typically results in a less than proportional change in quantity demanded when prices increase or decrease.

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