Advertisement Remove all ads

State Whether the Following Statement Istrue Or False with Reason: The Concept of Elasticity of Demand is Useful in Economic Theory. - Economics

State whether the following statement isTrue or False with reason:                            

The concept of elasticity of demand is useful in economic theory.

Advertisement Remove all ads

Solution

True, the concept of elasticity of demand is useful in economic theory.
Explanation:
The concept of elasticity of demand is used in various fields such as it is used by government while determining the taxation policy or public utilities. It is also used by trade unions in collective bargaining.

  Is there an error in this question or solution?
Advertisement Remove all ads

APPEARS IN

Advertisement Remove all ads

Video TutorialsVIEW ALL [1]

Advertisement Remove all ads
Share
Notifications

View all notifications


      Forgot password?
View in app×