The demand for a good is highly inelastic if——-

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The demand for a good is highly inelastic if——-

1.theprice elasticity of the goods is close to zero

2.. the income elasticity of the goods is close to one

3.if it is a necessity

4.both a and c

Posted Date:-2022-01-04 12:21:40

More MCQS Questions and answers

  1. Demand is a function of ——-
  2. Derived demand is directly determined by ——
  3. For inferior commodities income effect is ——–
  4. If marginal utility is zero
  5. In relatively elastic demand ED is —— A.
  6. In relatively elastic demand ED is —— A.
  7. People wants are
  8. The existence of both public and private sector enterprises constitutes
  9. The subject matter of economics is
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  11. A forecast with a time horizon of about 3 months to 3 years is typically called a ——-
  12. A Market demand can be derived by adding all the individual demand curves ——
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  14. A perfectly inelastic demand curve ——
  15. A positive cross elasticity of demand coefficient indicates that—–
  16. A relative change in quantity demanded is less than the relative change in money income is —— income
  17. An increase in consumer income will increase demand for a —— but decrease demand for a —–
  18. Demand curve is a ——-
  19. Economics is a science the basis of this statement does not include
  20. Economics is derived from the Greek word OIKONOMIKUS which means
  21. Forecasts are usually classified by time horizon into three categories they are ——-
  22. Forecasts ————
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  24. In economics the central problem is
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  27. Paul.A.Samuelson has defined economics as
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  29. Positive Science concern with economics analysis
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  32. Profits is denoted as, which of the following symbol?
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