Factors Determining Price Elasticity
Trending Questions
Q. What is the difference between holoblastic and meroblastic cleavage?
Q. Discuss how prices of related goods affect the demand for a commodity.
Q.
Greater the alternative uses of a commodity, lesser is the elasticity of demand.
Greater the alternative uses of a commodity, lesser is the elasticity of demand.
- True
- False
Q.
Define Giffen goods.
Q. Identify the factor, which generally keeps the price-elasticity of demand for a good low.
- Variety of uses for that good
- Its low price
- Close substitutes for that good
- High proportion of the consumer's income spent on it
Q. A contextual sentence is given below for the word in capitals.
Choose the option that is most inappropriate in the given context:
PARSIMONIOUS : The evidence was constructed from every parsimonious scrap of information.
PARSIMONIOUS : The evidence was constructed from every parsimonious scrap of information.
- Prevalent
- Penurious
- Thrifty
- Altrustic
Q.
Luxuries of life often exhibit low elasticity of demand.
Luxuries of life often exhibit low elasticity of demand.
- True
- False
Q. At higher prices people demand more of certain goods not for their worth but for their prestige value- This called.
- Veblen effect
- Giffens paradox
- None of the above
- Speculative effect
Q. identify one situation when elasticity of supply is low even theres a substantial rise in demand for a commodity
