The price elasticity of demand for product X is becoming more inelastic as many firms that produce X and consumers of X are exiting the market. The price of product X has remained more or less stable. In other words, product X is in the _____ phase of its life cycle.

The price elasticity of demand for product X is becoming more inelastic as many firms that produce X and consumers of X are exiting the market. The price of product X has remained more or less stable. In other words, product X is in the _____ phase of its life cycle.

growth
maturity
decline
introductory