New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    The total outlay on commodity remains constant, even

    when there is a change in price,  this occurs in case of:
    A Unit elasticity Correct Answer Incorrect Answer
    B Perfect elasticity Correct Answer Incorrect Answer
    C Inelastic Correct Answer Incorrect Answer
    D Relatively elastic Correct Answer Incorrect Answer

    Solution

    If a price change for a product doesn't lead to much, if any, change in its supply or demand, it is considered inelastic. 

    Practice Next

    Relevant for Exams: