Final answer:
Necessities tend to have the most inelastic demand.
Step-by-step explanation:
In economics, inelastic demand refers to a situation where the quantity demanded of a good or service is relatively unresponsive or insensitive to changes in price. In other words, when the price of a product changes, the percentage change in quantity demanded is smaller compared to the percentage change in price. The concept of elasticity measures the responsiveness of quantity demanded to changes in price.
Inelastic demand refers to a situation where a change in price does not significantly affect the quantity demanded. Necessities, such as life-saving drugs and gasoline, tend to have highly inelastic demand curves because they have no close substitutes and are essential for daily life.