Question

multiple choice question which of the following would be considered a necessity and thus have a low price elasticity of demand? restaurant meals vacation travel jewelry electricity

Explanation:

Necessities are goods or services that people need for basic living and survival. Electricity is essential for lighting, power - ing appliances, and many daily activities. In contrast, restaurant meals, vacation travel, and jewelry are luxury or non - essential items. People can reduce or eliminate their consumption of these non - essentials when prices change. But electricity is hard to cut back on significantly in the short run, so it has a low price elasticity of demand.

Answer:

Electricity