According to the kinked demand curve model of oligopoly, demand is if a firm its price and if the firm its price.

Demand Elastic if firm Increases Price

Demand Inelastic if firm decreases price

Explanation:

Oligopoly is a market structure with less no. of buyers, competing with each other. Eg : Automobiles .

Elasticity is the responsiveness of demand to change in price. Elastic demand implies demand changes much responding to change in price (%Δdemand > %Δ price). Inelastic Demand implies demand changes less responding to change in price (%Δdemand > %Δ price).

Oligopoly Demand Curve is kinked : Because the competing sellers react to each others' actions. If one firm reduces price , other firms also follow & reduce price (fearing customers' lost to cheap substitutes) . This makes demand response- rise to price reduction less - i.e inelastic demand , because others have also reduced price. If one firm increases price , other firms dont follow & dont increase price (to attract more customers) . This makes demand response - fall to price rise more - i.e Elastic Demand .

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