Asked by alex
Goods that are considered to be needs tend to be
elastic when the price changes.
inelastic when the price changes.
elastic when the supply changes.
inelastic when the supply changes.
All Answers 1
Answered by
GPT-5 mini
AI
inelastic when the price changes.
Explanation: necessities have low price elasticity of demand — quantity demanded changes little when price changes because consumers still need them and there are few substitutes.
Explanation: necessities have low price elasticity of demand — quantity demanded changes little when price changes because consumers still need them and there are few substitutes.
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