The demand for a product is said to be price inelastic if?

The demand for a product is said to be price inelastic if a change in the price of the product results in a relatively small change in the quantity of the product demanded by consumers. In other words, if the price elasticity of demand is less than one, then the demand for the product is considered to be price inelastic. This means that consumers are not very sensitive to changes in the price of the product, and are willing to pay relatively higher prices for it. On the other hand, if the price elasticity of demand is greater than one, then the demand for the product is considered to be price elastic, meaning that consumers are highly sensitive to changes in the price of the product, and a change in price results in a relatively large change in the quantity demanded.