The demand for a necessity whose cost is a small portion of one's total income is

A. perfectly inelastic.
B. relatively inelastic.
C. relatively elastic.
D. unit-elastic.


Answer: B

Economics

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Refer to the information provided in Figure 6.4 below to answer the question(s) that follow. Figure 6.4Refer to Figure 6.4. Bill's budget constraint is AC. If the black bean price decreases, Bill's budget constraint will

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