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प्रश्न
True or False with Reason:
A commodity with large number of close substitutes shows high elasticity of demand.
सत्य या असत्य
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उत्तर
This statement is true.
Explanation:
- Buyers can switch to close substitutes when the commodity’s price rises.
- This makes quantity demanded more responsive to changes in price.
- Therefore, such a commodity generally has elastic demand.
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