Necessities tend to have inelastic demands, whereas luxuries tend to have elastic demands.

Name: Necessities tend to have inelastic demands, whereas luxuries tend to have elastic demands.
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Necessities are goods that consumers must have regardless of price changes, leading to inelastic demand. Luxuries are non-essential goods that consumers can forego, leading to elastic demand as purchases vary significantly with price changes.

Necessities Tend to Have Inelastic Demands, Whereas Luxuries Tend to Have