Goods that are necessities are very likely to have

Question

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Necessities are products that people need regardless of their income level or current economic conditions. As such, necessities typically have highly inelastic demand. This means that changes in price have little impact on the quantity demanded. People will continue to purchase these products regardless of price changes because they are essential for daily life. For example, gasoline and prescription drugs are often considered necessities and have inelastic demand.

Goods That Are Necessities Are Very Likely to Have