Answer:
a.) change in demand does not exceed a percentage change in price.
Explanation:
Price elasticity in itself is used to evaluate how quantity demanded or supplied of a good responds to its price. Price inelasticity specifically occurs when there is only a small change in the quantity demanded of goods and services if there is a change in price. One percentage change in its price will lead to less than 1% change in the quantity demanded. An example of a good that has inelastic demand is gas. People who own cars would need gas so even if price goes up, the decrease in demand will be small.
