We all know that if the price increases of a commodity then the demand for it falls and if the price of the commodity decreases then the demand for the product increases.But in today's world , there are various goods which has become a necessity product in people's lives.
Say for example:- PETROL,which is an inelastic good , whatever may be the price of petrol but the demand for it is always constant as it has been a necessity good in our lives.The good is said to be inelastic, when there is a rise in price but the demand of the goods remain constant.
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