MCQ
The demand for salt is _____________.
Options
elastic
inelastic
infinitely elastic
unitary elastic
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Solution
The 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.
Concept: Types of Demand
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