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Consider the following statements 1 The demand for necessities in inelastic...

This question belongs to Commerce Economics
Economics
?

Consider the following statements.
1. The demand for necessities in inelastic.
2. Demand for luxuries is elastic.
3. A product which has several uses has an elastic demand.
Which of the statement(s) given above is/are correct?

Answer & Solution
Correct Answer: Option D
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