If the price increases 5% and the quantity demanded decreases 10% the product is inelastic.
What is price elasticity?
Price elasticity occurs if the demand for a product varies when the product increases/decreases its price.
How is price elasticity in the product described?
A product is classified as inelastic if the demand does not change or only changes slightly when there is a change in the price.
This occurs with fish because 5% is a very low percentage and this shows the demand is not changing because the price increased.
Learn more about price in: https://brainly.com/question/18117910
