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taupecheetah80Lv1

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The demand for a good is inelastic. Which of the following would be an explanation for this?

A.The good is a necessity.

B.The good is specifically defined.

C.The good is a large portion of one's total income.

D.The time interval considered is long.

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Related questions

The demand for a luxury good whose purchase would exhaust a big portion of one's income is elastic/inelastic?

Which is not characteristic of a product with relatively inelastic demand?

The good is regarded by consumers as a necessity.
There are a large number of good substitutes for the good.
Buyers spend a small percentage of their total income on the product.
Consumers have had only a short time period to adjust to changes in price.

The demand for a necessity whose cost is a small portion of one's total income is:

A. perfectly price inelastic.

B. perfectly price elastic.

C. relatively price inelastic

D. relatively price elastic.

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