- A necessity
- A luxury
- Has little importance in total budget
- a' and 'c' above
Answer: Option 3 It is mentioned that the apples are so cheap that they cannot be good. This means that the prices of good apples are never too low and...
1 Answers 1 viewsAnswer: Option 3 When cross elasticity of demand is a large positive number, one can conclude that the good is complement. Two goods that complement each other have a negative...
1 Answers 1 viewsAnswer: Option 3 The coefficient of price-elasticity of demand is smaller than one when the percentage increase in the quantity of a commodity demanded is smaller than the percentage fall...
1 Answers 2 viewsAnswer: Option 2 When price elasticity of demand for normal goods is calculated, the value is always Negative. The PED is the percentage change in quantity demanded in response to...
1 Answers 1 viewsAnswer: Option 2 When the price of a substitute of X commodity falls, the demand for X Falls.
1 Answers 1 viewsAnswer: Option 1 When as a result of decrease in price of good, the total expenditure made on it decreases we say that price elasticity of demand is less than...
1 Answers 1 viewsAnswer: Option 3 If there were seven shows left and five were sitcoms, this means that only two of the shows could possibly be dramas. Choices a and b may...
1 Answers 1 viewsAnswer: Option 2 Law of demand shows relation between Price and quantity of commodity. Quantity demanded of a commodity is inversely related to the price of the commodity.
1 Answers 1 viewsAnswer: Option 3 The price elasticity of demand measures the responsiveness of the quantity demanded to changes in the price. Demand is inelastic if it does not respond much to...
1 Answers 1 viewsAnswer: Option 3 The two statements discuss two separate statistical and generalised results.
1 Answers 1 views