If the price of a product increases and the quantity demanded decreases significantly, it can be concluded that the product has high elasticity.

When we talk about elasticity in market dynamics, we are looking at how much the quantity demanded of a product changes when its price changes. If the price of a product goes up and people buy much less of it, that means the product is elastic. For example, if the price of a popular snack increases and many people decide not to buy it anymore, this shows that the snack is sensitive to price changes. High elasticity indicates that consumers are willing to change their buying habits based on price. Therefore, a significant decrease in quantity demanded due to a price increase tells us that the product has high elasticity.