Final answer:
A characteristic of a product with relatively inelastic demand is that consumers have a low responsiveness to changes in price. For example, gasoline is a necessity for many people, and even if the price increases, consumers still need to purchase it to fuel their vehicles.
Step-by-step explanation:
A characteristic of a product with relatively inelastic demand is that consumers have a low responsiveness to changes in price. In other words, when the price of a product changes, consumers are less likely to change their purchasing behavior significantly. This means that even if the price increases, the quantity demanded by consumers does not decrease proportionally, and vice versa.
For example, let's consider a product like gasoline. Gasoline is a necessity for many people, and even if the price increases, consumers still need to purchase it to fuel their vehicles. Therefore, the demand for gasoline is relatively inelastic.
On the other hand, a product with relatively elastic demand would be more responsive to changes in price. If the price of a product with elastic demand increases, consumers are more likely to reduce their purchases significantly. An example of a product with elastic demand could be a luxury item, where consumers may be more willing to adjust their purchasing behavior based on price changes.