What does it mean for a product to have inelastic demand? A small change in the price has very little effect on the quantity of that product demanded. There is particularly high competition with the product, and an increase in price has a big impact on demand. The price for the product will increase as demand for the product increases. More of the product will be demanded at a lower price than for a higher price.

A small change in the price has very little effect on the quantity of that product demanded, is it mean for a product to have inelastic demand. Hence, option A is correct.

What is the effect of a change in price on quantity?

When non-price variables are eliminated, it follows that higher prices lead to lower volumes demanded and lower prices lead to higher quantities demanded. As a result, according to the rule of demand, there is an inverse relationship between a product's price and the quantity that is demanded for it.

An increase in price has a relatively slight influence on quantity demanded; the equilibrium quantity percentage growth is less than the price change percentage change, and the resulting price elasticity has an absolute value below 1.

Thus, option A is correct.

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