Multiple Choice Questions on If the percentage increase in the quantity demanded of a commodity is less than the percentage ........... for Common University Entrance Test (CUET) Preparation

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Multiple Choice Questions

If the percentage increase in the quantity demanded of a commodity is less than the percentage ...........

Economics (CUET) Consumer Behaviour and Demand
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    If the percentage increase in the quantity demanded of a commodity is less than the percentage fall in its price, then elasticity of demand is:

     

    > 1
     

    Incorrect Answer

    = 1 

    Incorrect Answer

    < 1


     

    Correct Answer

    = 0
     

    Incorrect Answer
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    Explanation:

    Option (3) is correct.
    Explanation: As the percentage change in quantity demanded is less than the percentage change in the price, it is elasticity is less than 1 and is relatively inelastic.

     

    By: Parvesh Mehta
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