- Elasticity of demand measures the responsiveness of quantity demanded to price changes. - Inelastic demand: Quantity demanded changes little with price changes. - Perfectly inelastic demand: Quantity demanded does not change with price changes (vertical demand curve). - Necessities tend to have more inelastic demand than luxuries.
The demand for which one of the following commodities will be almost perfectly inelastic ?
Asked in UPSC Combined Section Officer 2024 · Topic: Agriculture and Allied Sectors (Food Security and Public Distribution System (PDS))
More Economic Development questions
- The reason for increase in price of foodgrain distributed through public distribution system is to ;
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- The prices at which the Government purchases food grains for maintaining the public distribution system and for building up buffer stocks is known as
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