Solved UPSC CDS/OTA Question
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Q · Law of ElasticityMedium · 45s
Which factors affect the price elasticity of demand of a commodity?
TopicLaw of Elasticity
Question Typemultiple choice
DifficultyMedium
Marking+1 / −0.33
Test Duration30 min
Step-by-Step Solution
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If more substitutes exist → demand is more elastic.
Necessities (like salt) → inelastic; luxuries → elastic.
If a large share of income is spent → demand is elastic.
Over a longer time period, people adjust → demand becomes elastic.
Final Answer: Option D - All of the above