Question : When demand is perfectly elastic, a decrease in price will result in:

Option 1: No change in quantity demanded.

Option 2:  A small change in quantity demanded.

Option 3: A large change in quantity demanded.

Option 4: An unpredictable change in quantity demanded.

Question : Statement 1: The demand for a product is perfectly inelastic when quantity demanded remains constant regardless of price changes.

Statement 2: Perfectly inelastic demand implies that any change in price will cause an infinite change in quantity demanded.

Option 1: Both statements are true.

Option 2: Both statements are false.

Option 3: Statement 1 is true, and statement 2 is false.

Option 4: Statement 1 is false, and statement 2 is true.

Question : When demand is inelastic, a decrease in price will result in:

Option 1: A decrease in total revenue.

Option 2: An increase in total revenue.

Option 3: No change in total revenue.

Option 4: An unpredictable change in total revenue.

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 2: Inelastic

Option 3: Unit elastic

Option 4: Elastic