Question : When the demanded quantity of a commodity does not respond to price changes, the demand for that commodity is?
Option 1: Elastic
Option 2: Inelastic
Option 3: Perfectly inelastic
Option 4: Unit elastic
Correct Answer: Perfectly inelastic
Solution : It is the case of perfectly inelastic as perfectly inelastic demand means that prices or quantities are fixed and are not affected by the other variable. Hence option c is the correct answer.
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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