Examlex
Which of the following statements is true?
Necessity
A good or service that is essential for survival and basic quality of life, such as food and shelter.
Few Substitutes
A market condition where there are limited alternatives available for a particular product or service, potentially leading to higher prices.
Price-Inelastic
Describes a situation where the demand for a good or service is relatively unchanged despite changes in its price.
Supply Curve
A graph showing the relationship between the price of a good and the quantity of the good that producers are willing and able to sell, usually upward sloping.
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