Which of the following best describes the demand for a necessity?
مندرجہ ذیل میں سے کون سی چیز ضرورت کی طلب کو بہتر طور پر بیان کرتی ہے؟
- It is both income and price elastic
- It is both price and income inelastic
- It is income inelastic but price elastic
- None of these
Explanation
- Necessities are basic goods required for daily life, such as food and water.
- Their demand does not change much with changes in income or price.
- People must buy them even if prices rise or income falls.
- Therefore, demand for necessities is relatively unresponsive.
- This means it is both price inelastic and income inelastic.
Last verified on 23-04-2026
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