a. The good is inferior.
b. There are a great number of substitutes for the good.
c. The good is a necessity.
d. The good is a luxury.
2007-03-18 09:29:10 · 3 answers · asked by investing1987 3 in Social Science ➔ Economics
answer C) the good is a necessity- If the demand for good does not drop in direct proportion to an increase the prce of the good or commodity, the demand is considered inelastic. eg if the price triples, the demand doesn't decrease by 1/3. Necessities such as food and shelter typically show inelastic demand. Relative to the demand curve, a 0.0 to -1.0 slope represents inelastic demand.
Have fun
D
2007-03-18 09:41:07 · answer #1 · answered by dugal45 3 · 0⤊ 0⤋
Necessity
people will pay anything for these goods, like water or health care
2007-03-18 17:07:40 · answer #2 · answered by ? 2 · 0⤊ 0⤋
c
2007-03-18 16:34:21 · answer #3 · answered by Santa Barbara 7 · 0⤊ 0⤋