Which of the following scenarios best illustrates inelastic demand?

• A. An increase in the price of bread leads to a large decrease in quantity demanded.
• B. A small increase in the price of luxury cars leads to a large decrease in quantity demanded.
• C. A significant increase in gasoline prices leads to a small decrease in quantity demanded.
• D. A decrease in the price of smartphones leads to a proportional increase in quantity demanded.

Answer: (C)