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Question
Rakesh found that a little change in the price leads to a lesser change in the supply of goods. The elasticity of the goods supplied by him is ______________.
[1 mark]
Rakesh found that a little change in the price leads to a lesser change in the supply of goods. The elasticity of the goods supplied by him is ______________.
[1 mark]
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Solution
The correct option is A highly inelastic
Elasticity is the degree of responsiveness of percentage change in quantity demanded due to percentage change in price. So, less responsiveness implies less elasticity.
Elasticity is the degree of responsiveness of percentage change in quantity demanded due to percentage change in price. So, less responsiveness implies less elasticity.
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