Maharashtra State BoardHSC Arts 12th Board Exam
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State Whether the Following Statement is True and False. Supply for Perishable Goods is Inelastic. - Economics

MCQ
True or False

State whether the following statement is TRUE and FALSE.

Supply for perishable goods is inelastic.

Options

  • True

  • False

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Solution

Supply for perishable goods is inelastic. - True

Explanation:
It is correct. Perishable goods (such as food grains, milk products etc.) are those goods that are subject to decay or spoilage. Since these goods cannot be stored for a longer time, their supply cannot be changed immediately in response to change in price. As a result, their supply is inelastic.

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APPEARS IN

Micheal Vaz Economics HSC 12th Standard Maharashtra State Board
Chapter 5 Producer's Behaviour
Exercise | Q 3.6 | Page 44
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