Demand would most likely be inelastic for which of the following?
A)lamb chops and t-bone steaks
B)gourmet cheese
C)symphony tickets
D)luxury watches
E)basic necessities

Question

Quizplus · Accepted Answer

Basic necessities such as food, water, and shelter are essential for survival, and people will continue to purchase them regardless of price changes. Therefore, the demand for basic necessities is typically inelastic.

Demand Would Most Likely Be Inelastic for Which of the Following