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Question
fill in the blank with appropriate alternatives given in the bracket:
Demand for salt is ___________.
Options
1.elastic
2.inelastic
3.perfectly elastic
4.unitary elastic
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Solution
Demand for salt is inelastic.
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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