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प्रश्न
Statement (1): Perfectly inelastic demand is an economic condition in which a change in the price of a good or service has no effect on the quantity demanded.
Statement (2): Perfectly elastic demand curve is parallel to the OY-axis.
पर्याय
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:
- Statement (1): An elasticity of zero means consumers purchase the exact same amount regardless of how high or low the price swings.
- Statement (2): A perfectly elastic demand curve is a horizontal line parallel to the OX-axis (quantity axis), while a curve parallel to the OY-axis (price axis) reflects perfectly inelastic demand.
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