goods that are considered to be needs tend to be\no elastic when the price changes.\no inelastic when the…
goods that are considered to be needs tend to be\no elastic when the price changes.\no inelastic when the price changes.\no elastic when the supply changes.\no inelastic when the supply changes.
Answer
Brief Explanations:
In economics, goods considered needs are typically inelastic with respect to price changes. This is because consumers need these goods regardless of price fluctuations to a large extent. For example, basic food items or medications. The relationship with supply - change elasticity is not the key characteristic here.
Answer:
inelastric when the price changes.