How does the price range affect the elasticity of demand for a product?

The statement that best describes how the price range affects the elasticity of demand for a product is:

**Demand for a good can be inelastic at a low price, but elastic at a high price.**

This reflects the idea that as the price of a product increases, consumers may become more sensitive to changes in price, leading to more elastic demand. Conversely, when prices are low, consumers may not be as sensitive to price changes because the total expenditure is lower, resulting in inelastic demand. The price range can indeed influence the elasticity of demand for a product, with demand characteristics potentially changing depending on the price point.