Solved UPSC CDS/OTA Question
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Q · Law of ElasticityMedium · 45s
In which of these markets will demand be most elastic?
TopicLaw of Elasticity
Question Typemultiple choice
DifficultyMedium
Marking+1 / −0.33
Test Duration30 min
Step-by-Step Solution
The complete worked solution.
Every step explained — no skipped algebra.
In perfect competition, products are perfect substitutes; hence, demand is perfectly elastic.
Final Answer: Option B — Perfect competition