UPSC CDS/OTA
Law of Elasticity
General Studies
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Law of Elasticity

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Questions
30
Time
30 min
Marks
30
Solutions
All inline
Q1Which 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:MediumSolve →Q2Statement: If the cross elasticity of demand between two goods is positive, then these goods are:MediumSolve →Q3Which of these best describes unitary elastic demand?MediumSolve →Q4Consider 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?MediumSolve →Q5If the price elasticity of supply is greater than one, supply is said to be:MediumSolve →Q6Statement: In the case of perfectly elastic demand, the demand curve is:MediumSolve →Q7Which among the following is an example of perfectly inelastic demand?MediumSolve →Q8Price elasticity of demand is said to be perfectly inelastic when Ed is:MediumSolve →Q9Statement: Which among the following commodities will have relatively elastic demand?MediumSolve →Q10If the demand for a commodity is inelastic, then an increase in its price will:MediumSolve →
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