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Elastic and Inelastic Demand

State whether...

Question

State whether the following statements are True of False :
Demand for necessary goods is inelastic.

A

True

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B

False

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Solution

The correct option is A True
The demand for necessary goods is inelastic because whatever may be the changes in the price of these goods, their demand does not change drastically. For example demand for milk, salt,etc.

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Similar questions

Q. Give reasons or explain the following statements:

1. Demand for necessaries is inelastic.

2. Demand for habitual goods is inelastic.

3. Concept of Elasticity of Demand helps trade union leaders.

4. Demand for commodity having multiple uses has elastic demand.

5. Demand for goods having snob appeal has elastic demand.

Q. State whether the following statement are TRUE and FALSE.

1. Demand for luxuries is elastic.

2. Perfectly inelastic demand curve is parallel to the X axis.

3. Total outlay is price multiplied by quantity.

4. Unitary Elastic Demand rarely occurs in practice.

5. Concept of Elasticity of Demand is useful for finance minister.

Q. State whether the following statements are true or false.
When a change in demand is greater than the change in price, it is a case of inelastic demand.

Q. The following statements true or false? Give reasons
Intermediate goods have a derived demand, while final goods have direct demand.

Q. State whether the following statements are True or False.
Air is necessary for the germination of seeds.

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