Question : When the demanded quantity of a commodity does not respond to price changes, the demand for that commodity is ____?
Option 1: Perfectly inelastic
Option 2: Inelastic
Option 3: Unit elastic
Option 4: Elastic
Correct Answer: Perfectly inelastic
Solution : Perfectly inelastic demand occurs when the demand for a quantity does not change as a result of a change in the price of a commodity. The elasticity of demand is zero in this case. Hence option a is correct.
Question : When the demanded quantity of a commodity does not respond to price changes, the demand for that commodity is?
Question : If a commodity's demand remains constant despite a price increase, then its demand is:
Question : If the price elasticity of demand for a good is greater than 1, the demand is:
Question : If the price elasticity of demand for a good is less than 1, the demand is:
Question : If the price elasticity of demand for a good is zero, it means the demand is:
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