Demand for Necessities Is Inelastic, While Demand for Luxuries Is

question 37

True/False

Demand for necessities is inelastic, while demand for luxuries is elastic.

---

Definitions:

Educational Level

The highest stage of formal learning or schooling that an individual has completed.

Educational Level

Refers to the highest degree or level of school completed by an individual.

High-Quality Cars

Vehicles that are characterized by superior craftsmanship, reliability, durability, and performance compared to standard automobiles.

Low-Quality Cars

A term describing cars that are made with inferior materials or manufacturing standards, which might lead to poor performance, reliability, and satisfaction.