A) elastic
B) perfectly inelastic
C) inelastic
D) perfectly elastic
Correct Answer: B
Solution :
Inelastic demand means that if the price changes, the quantity demanded will not change much. The more necessary a good is, the lower the elasticity, as people will attempt to buy it no matter the price. Necessities such as water are likely to have perfectly inelastic demand.You need to login to perform this action.
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