Solved UPSC CDS/OTA Question
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Q · Law of ElasticityMedium · 45s
Which goods usually have elastic demand, and which have inelastic demand?
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.
People can delay buying luxury goods → elastic demand.
Necessities are essential → inelastic demand.
Final Answer: Option A - Luxury – elastic, Necessity – inelastic