Elasticity of demand refers to change in quantity consequent upon change in price of the commodity.

True

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False

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Solution

The correct option is B False
False. Elasticity of demand is always measured as a percentage change in quantity demanded in response to a percentage change in price.

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Elasticity of demand refers to change in quantity consequent upon change in price of the commodity.

The correct option is B FalseFalse. Elasticity of demand is always measured as a percentage change in quantity demanded in response to a percentage change in price.

The correct option is B False
False. Elasticity of demand is always measured as a percentage change in quantity demanded in response to a percentage change in price.