Asked by
Hailey Martinez
on Oct 12, 2024
Verified
The demand for goods such as household electricity,bread and legal services tend to be
A) perfectly elastic
B) relatively elastic
C) unit elastic
D) relatively inelastic
Relatively Inelastic
Describes a situation where the demand for or supply of a good or service is relatively unchanged when the price changes.
Legal Services
Professional services provided by lawyers or legal practitioners concerning consultations, legal documentation, representation, and proceedings in court.
Household Electricity
Electrical energy supplied to homes for powering appliances, lighting, and heating.
- Differentiate the characteristics of elastic demand from those of inelastic demand.
- Recognize the attributes distinguishing elastic demand goods from inelastic demand goods.
Verified Answer
JN
Learning Objectives
- Differentiate the characteristics of elastic demand from those of inelastic demand.
- Recognize the attributes distinguishing elastic demand goods from inelastic demand goods.