Question : Which of the following factors affects demand elasticity at prices? a) The commodity's nature a) Income status c) The availability of alternatives
Option 1: A only
Option 2: B and C only
Option 3: C only
Option 4: All of these
Correct Answer: All of these
Solution : There are five factors which are affected the price elasticity of demand:- 1. Nature or type of Good 2. Availability of Substitutes 3. Price Level 4. Income Levels 5. Time Period Hence d is the correct answer.
Question : Which of the following is the assumption of the law of demand? A: The commodity's price should not change. B: The quantity requested should not change. C: Substitute prices should not change.
Question : Which of the following factors affects the income elasticity of demand?
Question : EXCEPT for the one, the following are the causes of a shift in demand: A: Change in income B: Change in price C: Change in prices of substitutes D: Change in fashion
Question : Which of the following factors affects the price elasticity of demand?
Question : Which one is not the type of elasticity of demand?
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