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प्रश्न
What is the implication of a vertical demand curve?
पर्याय
Perfectly inelastic demand
Perfectly elastic demand
Relatively inelastic demand
Unitary elastic demand
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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.
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संबंधित प्रश्न
Explain any two factors that affect the price elasticity of demand. Give suitable examples.
Explain the effect of the following on the price elasticity of demand of a commodity:
(i) Number of substitutes
(ii) Nature of the commodity
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 statement is true or false :
Concept of ‘elasticity of demand’ is useful for the finance minister.
The coefficient of price elasticity of demand for Good X is (−) 0.2. If there is a 5% increase in the price of the good, by what percentage will the quantity demanded for the good fall?
The government wants to reduce the consumption of good by 10%. The price elasticity of demand for elasticity is -0.4. The government should raise the price of elasticity by ______.
When the price elasticity of demand for a good equals ______.
State 3 factors which affect price elasticity of demand.
How does the nature of a good affect its elasticity of demand?
Which of the following correctly describes the relationship between availability of substitutes and price elasticity of demand?
