If change in the demand of the commodity is proportionate to the change in price, the demand of the commodity is known as _________.

perfectly elastic

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perfectly inelastic

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unit elasticity

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more than unit elasticity

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Solution

The correct option is C unit elasticity
If change in the demand of the commodity is proportionate to the change in price, the demand of the commodity is known as unit elasticity. Here, the ratio of the change in demand and the change in price is one.

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If change in the demand of the commodity is proportionate to the change in price, the demand of the commodity is known as _________.

The correct option is C unit elasticityIf change in the demand of the commodity is proportionate to the change in price, the demand of the commodity is known as unit elasticity. Here, the ratio of the change in demand and the change in price is one.

The correct option is C unit elasticity
If change in the demand of the commodity is proportionate to the change in price, the demand of the commodity is known as unit elasticity. Here, the ratio of the change in demand and the change in price is one.