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Law of Elasticity
General Studies
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Law of Elasticity

Everything you need to master Law of Elasticity — the core concept, the method that actually works, and solved practice questions, all in one focused place. · by Digital Benchers

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Law of Elasticity is an important topic in General Studies for competitive exam aspirants. This guide gives you a clear, exam-focused explanation of Law of Elasticity, shows how it is typically asked, and pairs it with solved practice questions so you can learn the approach and test yourself right away. Work through the questions below to build speed and accuracy.

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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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