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Poverty

Which of the ...

Question

Which of the following type of goods would have an inelastic demand?

A

Luxuries

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B

Necessaries

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C

Comforts

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D

None of these

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Solution

The correct option is B Necessaries
Necessaries have an inelastic demand since demand of necessaries does not respond much to the change in its own price as it is a necessity for the basic subsistence.

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