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प्रश्न
State whether the following statements are True or False with reasons:
The demand of a rich person is elastic.
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उत्तर
False, the demand of a rich person is not elastic.
Explanation:
The demand of a rich person is inelastic. A rich person has a high income as a result of which he does not change his quantity demanded much when the prices change. Thus, rich people have inelastic demand.
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