Question : Generally, the demand for____is inelastic.

Option 1: Luaxries

Option 2: Normal goods

Option 3: Necessities

Option 4: None of the above

Question : Comfort is defined as the difference between

Option 1: Inferior goods and necessities

Option 2: Luxuries and inferior goods

Option 3: Necessities and luxuries

Option 4: None of the above.

Question : Whats is elasticty of luxury goods demand?

Option 1: Inelastic

Option 2: Elastic
 

Option 3: Highly elastic

Option 4: Perfectly Inelastic

Question : If the cross elasticity of demand between two goods is negative, it means the goods are:

Option 1: Substitutes.

Option 2: Complements.

Option 3: Inferior goods.

Option 4: Normal goods.

Question : If the price elasticity of demand is less than one, then the demand for the goods is said to be ______.

Option 1: perfectly inelastic

Option 2: inelastic

Option 3: perfectly elastic

Option 4: unitary elastic

Question : In which of the following cases does the law of demand fail?

Option 1: Giffen goods

Option 2: Normal goods

Option 3: Inferior goods

Option 4: Both Giffen and inferior goods