Question : If a commodity's demand remains constant despite a price increase, then its demand is:
Option 1: Highly Elastic
Option 2: Perfectly Elastic
Option 3: Perfectly Inelastic
Option 4: Less Elastic
Correct Answer: Perfectly Inelastic
Solution : When a price adjustment has no impact on the quantity required, the demand is said to be perfectly inelastic. The demand curve is vertical in this instance, and there is no demand elasticity. Hence c is the correct answer.
Question : When the percentage change in demand for a commodity is less than the percentage change in its price then demand is said to be
Option 1: highly elastic
Option 2: inelastic
Option 3: relatively elastic
Option 4: perfectly inelastic
Question : If the price elasticity of demand is less than one, then the demand for the goods is said to be ______.
Option 1: perfectly inelastic
Option 3: perfectly elastic
Option 4: unitary elastic
Question : If the price elasticity of demand for a good is less than 1, the demand is:
Option 1: Elastic.
Option 2: Inelastic.
Option 3: Unit elastic.
Option 4: Perfectly elastic.
Question : When the demanded quantity of a commodity does not respond to price changes, the demand for that commodity is?
Option 1: Elastic
Option 2: Inelastic
Option 3: Perfectly inelastic
Option 4: Unit elastic
Question : When the demanded quantity of a commodity does not respond to price changes, the demand for that commodity is ____?
Option 1: Perfectly inelastic
Option 3: Unit elastic
Option 4: Elastic
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