The demand of which type of goods do not decrease with increase in its price
- a)Comforts
- b)Luxury
- c)Necessities
- d)Capital goods
Correct answer is option 'C'. Can you explain this answer?
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Answers
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SHREYA ANAND
Feb 01, 2020 |
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An increase or decrease in the price of such a good does not affect its quantity demanded. These goods have a perfectly inelastic relationship, in that any change in price does not change the quantity demanded.
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Shriyanshu Keshari
Jun 28, 2018 |
The example of necessities good is medicine if we need medicine than we can't think about it's price and we can't say we buy medicine when price decrease therefore the price of necessities good can't be affected by price
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Divya Soni
Jun 28, 2018 |
Demand of necessary goods does not fall with increase in price. because people need these goods everyday.they can't live without these goods like milk,bread etc. people have to purchase these goods on every cost.
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Anisha Chadar
Jul 10, 2018 |
Necessities are important for life.. whether the price would increase or decrease ,a consumer would never change its necessities. ex- if the price of 1kg rice may increase or decrease but it's consumption would not be affected.
An increase or decrease in the price of such a good does not affect its quantity demanded. These goods have a perfectly inelastic relationship, in that any change in price does not change the quantity demanded.
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An increase or decrease in the price of such a good does not affect its quantity demanded. These goods have a perfectly inelastic relationship, in that any change in price does not change the quantity demanded.
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