Final answer:
High-end racing bikes are considered price inelastic because professional cyclists and enthusiasts value quality and performance over cost, and their demand is less sensitive to price changes.
Step-by-step explanation:
The question concerns price elasticity of demand, which is a concept in economics that measures how demand for a good or service changes in response to a change in price. A product is considered price inelastic when a price change has little to no effect on the quantity demanded by consumers. In the case of bicycles, high-end racing bikes are often the most price inelastic.
These bikes are targeted towards professional cyclists or enthusiasts for whom quality and performance are more important than price. As such, they are willing to pay a premium, and their demand does not significantly decrease even if the prices increase. This contrasts with more price-sensitive products, like entry-level bicycles, where consumers may easily switch to other alternatives if prices rise.