Question : The concept of elasticity is not applicable to:

Option 1: Necessities.

Option 2: Luxuries.

Option 3: Unique goods.

Option 4: All goods have an elasticity measure.

Question : The concept of elasticity is not applicable to:

Option 1: Necessities.

Option 2: Luxuries.

Option 3: Unique goods.

Option 4: All goods have an elasticity measure.

Question : Generally, the demand for____is inelastic.

Option 1: Luaxries

Option 2: Normal goods

Option 3: Necessities

Option 4: None of the above

Question : Products that have alternative uses are known as:

Option 1: Substitute goods

Option 2: Complementary goods

Option 3: Comfort goods

Option 4: None of these

Question : In which of the following cases does the law of demand fail?

Option 1: Giffen goods

Option 2: Normal goods

Option 3: Inferior goods

Option 4: Both Giffen and inferior goods