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प्रश्न
Which of the following is the most likely reason for the relatively high elasticity of bottled water?
पर्याय
Many substitutes are available
Good for health
Can be used for many purposes
Necessity item
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उत्तर
Many substitutes are available
Explanation:
The relatively high elasticity of bottled water is most likely due to the availability of many substitutes, such as tap water, filtered water, or other beverage options. When there are many substitutes, consumers can easily switch to a different option if the price of bottled water increases, leading to higher price elasticity.
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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.
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The demand of foodgrains is inelastic.
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 ______.
The price of Y falls from ₹ 8 to ₹ 6. The quantity demanded increases from 100 units to 125 units. The price electricity of demand will be ______.
The nature of a commodity determines its price elasticity of demand. Explain.
How does the availability of substitutes of a commodity affect its price elasticity of demand?
State 3 factors which affect price elasticity of demand.
How does the nature of a good affect its elasticity of demand?
Which statement correctly describes the relationship between postponement and price elasticity?
