Would you expect supply to play a more significant role in determining the price of a basic necessity like food or a luxury like perfume? Explain. Hint: Think about how the price elasticity of demand will differ between necessities and luxuries.

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21-02-2022
Business

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Would you expect supply to play a more significant role in determining the price of a basic necessity like food or a luxury like perfume? Explain. Hint: Think about how the price elasticity of demand will differ between necessities and luxuries.

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ewomazinoade ewomazinoade · Answer 1 · 2022-03-07T10:59:58+01:00

I would expect supply to play a more significant role in determining the price of a basic necessity.

Why would supply play a more significant role in determining the price of a basic necessity?

A basic necessity is a good that is needed by the population. For example, food is needed for survival. As a result, the demand for a basic necessity is usually inelastic. This means that the quantity demanded is not sensitive to price changes.

This means that supply would play a more significant role in determining the price of a basic necessity because of the inelasticity of demand for basic necessities.

To learn more about supply, please check: https://brainly.com/question/15835771