Question : Which of the following goods is most likely to have a perfectly inelastic demand?
Option 1: Salt
Option 2: Gasoline
Option 3: Luxury watches
Option 4: Soft drinks

Question

Question : Which of the following goods is most likely to have a perfectly inelastic demand?

Option 1: Salt

Option 2: Gasoline

Option 3: Luxury watches

Option 4: Soft drinks

Team Careers360 · Accepted Answer

Correct Answer: Salt

Solution : The correct answer is (a) Salt

When a good has a perfectly inelastic demand, it means that the quantity demanded does not change at all in response to changes in price. In the case of salt, it is a basic necessity with few close substitutes, and its demand is typically unaffected by changes in price.

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Question : Which of the following goods is most likely to have a perfectly inelastic demand?Option 1: SaltOption 2: GasolineOption 3: Luxury watchesOption 4: Soft drinks

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Question : Which of the following goods is most likely to have a perfectly inelastic demand?
Option 1: Salt
Option 2: Gasoline
Option 3: Luxury watches
Option 4: Soft drinks

Question : Which goods are most likely to have an elastic demand?
Option 1: Bread
Option 2: Salt
Option 3: Luxury cars
Option 4: Gasoline

Question : Which of the following goods is likely to have the most elastic demand?
Option 1: Gasoline
Option 2: Salt
Option 3: Insulin
Option 4: Electricity

Question : Whats is elasticty of luxury goods demand?
Option 1: Inelastic
Option 2: Elastic

Option 3: Highly 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 2: inelastic
Option 3: perfectly elastic
Option 4: unitary elastic

Question : What is the elasticity of demand in the case of "Salt"?
Option 1: Elastic
Option 2: Inelastic
Option 3: Unit elastic
Option 4: Perfectly inelastic