demand for necessities is _____
A) highly elastic
B) slightly elastic
C) highly inelastic
D) slightly inelastic
Answers
Answered by
6
demand for necessities "highly inelastic"
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availability of close substitutes makes the demand ____
a) less elastic
b) more elastic
highly elastic
c) perfectly elastic
d) perfectly inelastic
Answered by
1
Answer:
C) highly inelastic
Explanation:
Food is basic amenity of life so necessities like food is not change in demand due to their price change. Their demand is not affected the price change because people should afford it at any cost. At the same time, luxury products are highly elastic demand due to little price change, because people postponed their buying thought or drop the idea to afford. Luxury products are highly responsive to the price range than basic need products.
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