Question
The demand for necessities is
Answer: Option C
Answer: (c)
Inelastic demand means that if the price changes, the quantity demanded will not change much.
The more necessary a good is, the lower the elasticity, as people will attempt to buy it no matter the price. Necessities such as water are likely to have perfectly inelastic demand.
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Answer: (c)
Inelastic demand means that if the price changes, the quantity demanded will not change much.
The more necessary a good is, the lower the elasticity, as people will attempt to buy it no matter the price. Necessities such as water are likely to have perfectly inelastic demand.
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