Question : When the percentage change in demand for a commodity is less than the percentage change in its price then demand is said to be
Option 1: highly elastic
Option 2: inelastic
Option 3: relatively elastic
Option 4: perfectly inelastic
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Correct Answer: inelastic
Solution : The correct option is inelastic.
A commodity is said to have inelastic demand when the percentage change in quantity sought is considerably less responsive to the percentage change in price. This demonstrates that buyers are not responsive to price changes, as their needs do not change regardless of whether the price increases or decreases.
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