Demand for a commodity is elastic when it has:

Related MCQs

• A fall in the price of a commodity whose demand curve is a rectangular hyperbola causes total expenditure on the commodity to:
• In the case of unitary elastic demand, the shape of demand curve is
• The horizontal demand curve for a commodity shows that its demand is:
• The proportionate change in the quantity demanded of a commodity in response to change in the price of another related commodity is called
• Demand for tyres depends on demand of vehicles, the demand for tyres called as
• EP =………….in the case of relatively elastic demand
• .………… means an attempt to determine the factors affecting the demand of a commodity or service and to measure such factors and their influences
• The relationship between demand for a commodity and price, ceteris paribus, is:
• If the percentage increase in quantity of a commodity demanded is its price, the coefficient of price elasticity of demand is:
• If the quantity of a commodity demanded remains unchanged as its price changes, the coefficient of price elasticity of demand is