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प्रश्न
In the following Question, read the following statement and choose the correct alternative among those given:
Statement 1: Elasticity of demand for any commodity is generally less for higher income level groups.
Statement 2: A commodity having several uses has inelastic demand.
विकल्प
Both the Statements are true.
Both the Statements are false.
Statement 1 is true and Statement 2 is false.
Statement 2 is true and Statement 1 is false.
MCQ
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उत्तर
Statement 1 is true and Statement 2 is false.
Explanation:
Demand is generally less elastic for higher-income groups because price changes affect them less. A commodity with several uses has more elastic demand: a price change can alter how many of those uses consumers choose to satisfy.
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