multiple choice question\nwhich of the following would be considered a necessity and thus have a low price…
multiple choice question\nwhich of the following would be considered a necessity and thus have a low price elasticity of demand?\no vacation travel\no electricity\no jewelry\no restaurant meals
Answer
Brief Explanations:
Necessities are goods or services that people need for daily - living and survival. Electricity is a basic need for lighting, running appliances, etc. Vacation travel, jewelry, and restaurant meals are more luxury or discretionary items. When the price of electricity changes, the quantity demanded doesn't change significantly as people still need it for essential functions, giving it a low price elasticity of demand.
Answer:
Electricity