Solved UPSC CDS/OTA Question
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Q · Law of ElasticityMedium · 45s
Which of the following factors determines the price elasticity of demand for a commodity? 1. Availability of substitutes 2. Nature of the commodity 3. Proportion of income spent on the commodity 4. Time period Select the correct answer using the code below:
TopicLaw of Elasticity
Question Typemultiple choice
DifficultyMedium
Marking+1 / −0.33
Test Duration30 min
Q 1 / 40Next question →
Step-by-Step Solution
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Price elasticity depends on the availability of substitutes, the nature (necessity vs luxury), proportion of income, and time horizon for adjustment.
Final Answer: Option C - 1, 2, 3 and 4