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प्रश्न
Identify and explain the following concept:
When the price of apples falls by 10%, Vinay increases his demand for apples by 10%.
स्पष्ट कीजिए
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उत्तर
Identified concept: Unitary elastic demand.
Explanation:
Demand is said to be unitary elastic when a corresponding change in a commodity's price results in an identically proportionate change in the quantity demanded.
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