fill in the blank question\na product that is considered to be a necessity would have a price elasticity of…
fill in the blank question\na product that is considered to be a necessity would have a price elasticity of demand.
Answer
Brief Explanations:
In economics, necessities have inelastic demand. This means that changes in price have a relatively small impact on the quantity demanded as consumers need these products regardless of price fluctuations.
Answer:
inelastic