Question : Generally, the demand for____is inelastic.
Option 1: Luaxries
Option 2: Normal goods
Option 3: Necessities
Option 4: None of the above
Answer (1)
22nd Jan, 2024
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.
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