Elasticity of demand measures the responsiveness of the quantity demanded of a goods to a

Related MCQs

• Elasticity of demand is the degree of responsiveness of demand of a commodity to a -
• When there is a change in demand leading to a shift of the Demand Curve to the right, at the same price as before, the quantity demanded will -
• The demand curve shows that price and quantity demanded are -
• If a good has negative income elasticity and positive price elasticity of demand, it is a
• A demand curve, which is parallel to the horizontal axis, showing quantity, has the price elasticity equal to -
• Extension or contraction of quantity demanded of a commodity is a result of a change in the -
• Other things being equal, a decrease in quantity demanded of a commodity can be caused by –
• The demand of a commodity is a direct demand but the demand of a factor of production is called a -
• The demand for two or more commodities or factor of production that are used together so that a change in demand for one will be reflected in a change in demand for other e.g., cloth and thread is called
• The income elasticity of demand being greater than one, the commodity must be -