- Equal to one
- Greater than one
- Small than one
- Zero
Answer: Option 1 Let'
1 Answers 3 viewsAnswer: Option 3 When cross elasticity of demand is a large positive number, one can conclude that the good is complement. Two goods that complement each other have a negative...
1 Answers 1 viewsAnswer: Option 2 When price elasticity of demand for normal goods is calculated, the value is always Negative. The PED is the percentage change in quantity demanded in response to...
1 Answers 1 viewsAnswer: Option 2 When the price of a substitute of X commodity falls, the demand for X Falls.
1 Answers 1 viewsAnswer: Option 1 When as a result of decrease in price of good, the total expenditure made on it decreases we say that price elasticity of demand is less than...
1 Answers 1 viewsAnswer: Option 4 An inferior commodity is one which is consumed in smaller quantities when the income of consumer Rises. In economics, an inferior good is a good whose demand...
1 Answers 1 viewsAnswer: Option 4 If elasticity of demand is very low, it shows that the commodity is necessity and has little importance in total budget.
1 Answers 1 viewsAnswer: Option 3 The price elasticity of demand measures the responsiveness of the quantity demanded to changes in the price. Demand is inelastic if it does not respond much to...
1 Answers 1 viewsAnswer: Option 1 Let'
1 Answers 2 viewsAnswer: Option 3 The two statements discuss two separate statistical and generalised results.
1 Answers 1 views