When the price of a necessity increases, demand is likely to be – because consumers – that product to survive. However, when the price of a luxury good increases, consumers may – because the good is not crucial to survival. Thus, the demand would be –.

Question

01-11-2019
Business

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When the price of a necessity increases, demand is likely to be – because consumers – that product to survive. However, when the price of a luxury good increases, consumers may – because the good is not crucial to survival. Thus, the demand would be –.

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Samawati Samawati · Answer 1 · 2019-11-05T18:50:00+01:00

Answer:

When the price of a necessity increases, demand is likely to be constant because consumers need that product to survive. However, when the price of a luxury good increases, consumers may not buy it because the good is not crucial to survival. Thus, the demand would be decreasing.

Explanation:

Changes in prices do not affect the demand for necessary goods in price. Consumers need products to survive. Luxury goods are not a necessity for life. When the price goes up, the demand goes down.