Maharashtra State Board course HSC Science (Computer Science) 12th Board Exam
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Write Whether the Following Statement is True Or False: Salt Has Elastic Demand. - Economics

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Question

Write whether the following statement is True or False: 

Salt has elastic demand.

Solution

 False, salt does not have elastic demand.
Explanation:
Salt has inelastic demand. This is because salt has no close substitutes and makes up a very small amount of the household budget. Due to this, a change in prices of salt has a little or no impact on its quantity demanded.

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APPEARS IN

 2012-2013 (March) (with solutions)
Question 1.2.4 | 1.00 mark

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Solution Write Whether the Following Statement is True Or False: Salt Has Elastic Demand. Concept: Demand.
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