Question : The elasticity of demand concerning price is
Option 1: Infinity
Option 2: One
Option 3: Greater than one
Option 4: Less than one
New: SSC CHSL tier 1 answer key 2024 out | SSC CHSL 2024 Notification PDF
Recommended: How to crack SSC CHSL | SSC CHSL exam guide
Don't Miss: Month-wise Current Affairs | Upcoming government exams
Correct Answer: Greater than one
Solution : The correct answer is Greater than one .
If the price elasticity of demand is greater than one (|E| > 1), it is considered elastic. This means that the quantity demanded is relatively more responsive to changes in price. If the price increases, the total revenue decreases, and if the price decreases, the total revenue increases.
Related Questions
Know More about
Staff Selection Commission Combined High ...
Result | Eligibility | Application | Admit Card | Answer Key | Preparation Tips | Cutoff
Get Updates Brochure
Your Staff Selection Commission Combined Higher Secondary Level Exam brochure has been successfully mailed to your registered email id “”.
