Final answer:
A product that has a quantity demanded that changes very little with increased prices is described as having inelastic demand. It indicates low responsiveness to price changes, often because it is a necessity with few substitutes. Option b.
Step-by-step explanation:
If the quantity demanded for a product changes very little as the price increases, this means that the product is inelastic(b). An inelastic demand indicates that a given percentage change in price will cause a smaller percentage change in quantity demanded. When demand is inelastic, consumers are less sensitive to price changes, often because the product is considered a necessity or there are few available substitutes.
We can usefully divide elasticities into three broad categories: elastic, inelastic, and unitary. A product with elastic demand would show a greater change in quantity demanded in response to price changes. However, in this case, since the product's quantity demanded remains relatively stable despite price increases, it demonstrates inelastic demand.