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प्रश्न
If a good takes up a significant share of consumers' budget, its demand will be ______.
पर्याय
Less elastic
Highly elastic
Unitary elastic
Perfectly elastic
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उत्तर
If a good takes up a significant share of consumers' budget, its demand will be highly elastic.
Explanation:
If a good consumes a significant portion of the consumer budget, it implies that it cannot be a necessary comfort or jointly demanded good.
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संबंधित प्रश्न
Price elasticity of demand for the two goods X and Y are zero and (–) 1 respectively. Which of the two is more elastic and why?
As we move along a downward sloping straight line demand curve from left to right, price
an elasticity of demand : (choose the correct alternative)
(a) remains unchanged
(b) goes on falling
(c) goes on rising
(d) falls initially then rises
When the price of a good falls from Rs 10 to Rs 8 per unit, its demand rises from 20 units to 24 units. What can you say about price elasticity of demand of the good through the expenditure approach?
Give reasons or explain the following statements
Demand for basic necessities is inelastic.
Fill in the blank with appropriate alternatives given below:
Cross elasticity of demand is applicable to ____________ goods.
State whether the following statement is TRUE and FALSE.
Demand for luxuries is elastic.
Choose the correct answer from given options.
The expenditure on a good would change in the opposite direction as the price changes only when demand is ______
What are the degrees of price elasticity of Demand?
What is meant by elastic demand?
Who introduced the concept of elasticity of demand?
