Solved UPSC CDS/OTA Question
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Q · Law of ElasticityMedium · 45s
Consider the following statements: 1. Luxury goods tend to have elastic demand. 2. Necessity goods have inelastic demand. 3. For perishable goods, supply is perfectly elastic. Which of the statements given above is/are correct?
TopicLaw of Elasticity
Question Typemultiple choice
DifficultyMedium
Marking+1 / −0.33
Test Duration30 min
Step-by-Step Solution
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Luxury goods are more elastic; necessities are less elastic; perishable goods have a perfectly inelastic supply, not elastic.
Final Answer: Option A — 1 and 2 only