If elasticity of demand is very low, it shows that the commodity is Options: A . &nbspA necessity B . &nbspA luxury C . &nbspHas little importance in total budget D . &nbspa' and 'c' above

If elasticity of demand is very low, it shows that the commodity is

Question

If elasticity of demand is very low, it shows that the commodity is

Options:

A . A necessity

B . A luxury

C . Has little importance in total budget

D . a' and 'c' above

Answer: Option D

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Question 1. When price is below equilibrium level, there will be....

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Question 8. The cost on one thing in terms of the alternative given up is known as....

Question 9. If demand is unitary elastic, a 25% increase in price will result in....

Question 10. Contraction of demand is the result of....

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