Advertisements
Advertisements
प्रश्न
What is the implication of a vertical demand curve?
पर्याय
Perfectly inelastic demand
Perfectly elastic demand
Relatively inelastic demand
Unitary elastic demand
Advertisements
उत्तर
Perfectly inelastic demand
Explanation:
A vertical demand curve implies that the quantity demanded does not change regardless of price changes, which is the definition of perfectly inelastic demand.
APPEARS IN
संबंधित प्रश्न
How does change in the price of complementary good affect the demand for the given good? Explain with the help of an example.
A 5 percent fall in the price of a good raises its demand from 300 units to 318 units. Calculate its price elasticity of demand.
When price of a commodity falls by Rs 1 per unit, its quantity demanded rises by 3 units. Its price elasticity of demand is (−) 2. Calculate its quantity demanded if the price before the change was Rs 10 per unit.
Match the following :
| Group 'A' | Group 'B' |
| (a) Demand and price | (1) wages |
| (b) Perfectly elastic supply | (2) Vertical supply curve |
| (c) Land | (3) Transfer income |
| (d) Unemployment allowance | (4) Horizontal supply curve |
| (e) Reserve Bank of India | (5) Inverse relation |
| (6) Rent | |
| (7) 1935 | |
| (8) Direct relation |
State whether the following statements are TRUE or FALSE :
The demand of foodgrains is inelastic.
When the price elasticity of demand for a good equals ______.
The nature of a commodity determines its price elasticity of demand. Explain.
State 3 factors which affect price elasticity of demand.
How does the nature of a good affect its elasticity of demand?
