Necessities Tend to Have More Inelastic Demand Than Luxuries

question 192

True/False

Necessities tend to have more inelastic demand than luxuries.

---

Definitions:

Democratic Party

One of the two major contemporary political parties in the United States, historically associated with progressive policies and social liberalism.

Monroe Doctrine

A principle of US foreign policy, articulated by President James Monroe in 1823, which opposed European colonialism in the Americas and declared any intervention in the Western Hemisphere as a threat to US security.

Manifest Destiny

A 19th-century doctrine or belief that the expansion of the United States throughout the American continents was both justified and inevitable.