Asked by
Gregory McNally
on Nov 17, 2024
Verified
In general, demand curves for necessities tend to be price elastic.
Price Elastic
Describes a situation where the demand or supply of a good or service is highly sensitive to changes in price.
- Recognize the determinants that affect demand elasticity, encompassing the classification of products as essentials or luxuries.
Verified Answer
HM
Learning Objectives
- Recognize the determinants that affect demand elasticity, encompassing the classification of products as essentials or luxuries.
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