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Question
With the help of a diagram, explain the Relatively inelastic demand curve.
Answer in Brief
Diagram
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Solution
Relatively inelastic demand curve:
When a substantial change in prices has little effect on extension or contraction in quantity demanded of the commodity, the demand is known as relatively inelastic demand. The demands of salt, shoes, needles, etc., belong to this class.
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Chapter 2: Elasticity of Demand - QUESTIONS [Page 44]
