Asked by

Princess Dennis
on Oct 26, 2024

verifed

Verified

If a good is a necessity with few substitutes,all others things equal,then demand will tend to:

A) be more price-elastic.
B) be less price-elastic.
C) have price elasticity equal to 1.
D) be the same as that of a luxury good.

Necessity

A good or service that is essential for living and is deemed indispensable.

Few Substitutes

A market condition where there are limited alternative products or services available to consumers, often leading to higher prices.

Price-Elastic

A descriptor for goods or services whose demand significantly changes with a change in price.

  • Discern between essential goods and luxury items by their respective price elasticity.
verifed

Verified Answer

GT
Green TempzOct 31, 2024
Final Answer:
Get Full Answer