If the demand changes at faster rates than the change in price of the commodity. The demand of the commodity is called _______.

elastic

No worries! We‘ve got your back. Try BYJU‘S free classes today!

inelastic

No worries! We‘ve got your back. Try BYJU‘S free classes today!

perfectly elastic

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

perfectly inelastic

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is C perfectly elastic
If the demand changes at faster rates than the change in price of the commodity. The demand of the commodity is called perfectly elastic.Perfectly elastic demand curve has a slope which is equal to zero and the elasticity of demand is infinite.

Suggest Corrections

Similar questions

When the quantity demanded does not change as a result of change in the price of a commodity, the demand of that commodity is called

When the demand for a commodity depends on the effect of a change in the price of a related commodity, it is called

Join BYJU'S Learning Program