Question : Generally, the demand for____is inelastic.
Option 1: Luaxries
Option 2: Normal goods
Option 3: Necessities
Option 4: None of the above
Correct Answer: Necessities
Solution : Generally, the demand for necessities is inelastic. Inelastic demand is when a buyer's demand for a product does not change as much as its change in price. Hence option c is the correct answer.
Question : Comfort is defined as the difference between
Question : Statement 1: The demand for necessities is generally inelastic.
Statement 2: Necessities are essential goods with limited substitutes, making consumers less price-sensitive in their purchasing decisions.
Question : Whats is elasticty of luxury goods demand?
Question : If the price elasticity of demand is less than one, then the demand for the goods is said to be ______.
Question : If the cross elasticity of demand between two goods is negative, it means the goods are:
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