The demand for necessary goods tends to be less elastic.

Question

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Necessary goods are those that are considered essential for daily life, such as food, shelter, and healthcare. The demand for these goods tends to be less elastic because consumers are typically willing to pay whatever price is necessary to obtain them, as they are deemed necessary for survival or well-being. Therefore, changes in price typically have little impact on the quantity demanded of necessary goods.

The Demand for Necessary Goods Tends to Be Less Elastic