Last modified on June 1, 2007, at 22:08

Necessities

This is an old revision of this page, as edited by MadMin (Talk | contribs) at 22:08, June 1, 2007. It may differ significantly from current revision.

Necessities are goods for which demand is inelastic. No matter how high the price goes, demand will still remain static, because they are essential. Income Elasticity of Demand for a necessity is less than one.