Examlex
Which of the following statements is true?
Necessity
A good or service that is considered essential for survival, such as food, shelter, and healthcare.
Income Elasticity
A measure of how much the demand for a good or service changes in response to a change in consumers' income.
Quantity Demanded
The aggregate quantity of a product or service that buyers are ready and capable of buying at a specific price point.
Changes
Variations or modifications that occur in any system, context, or entity over time.
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