Answer-In terms of economics, demand would be inelastic when

Total revenue Price Quantity increases when price is increased only if the percentage change in quantity demanded is less than the percentage change in price. This is the definition of inelastic demand change Qd change P.

Question

In terms of economics, demand would be inelastic when

A increase in price of samosa leads to increase in total revenue.

B increase in price of samosa leads to decrease in total revenue.

C increase in price of samosa by 10% leads to fall in quantity demanded by 10%.

D None of these

Practice Next

More ESI Previous Year Papers Questions

Which of the following statements is correct regarding the "3i Strategy" as outlined in the World Development Report 2024? 1. The "3i" stands for Investmen...
The PM-PRANAM scheme was introduced to promote the use of biofertilizers and organic fertilizers, thereby reducing the reliance on chemical fertilizers. Th...
Special Economic Zones are
As per Economic Survey 2021-22, the Marginal Standing Facility rate remained unchanged at______?
The cost that has to be incurred by a firm to retain an input is _____of the input.
Which of the following statements is correct for the monopolist?
In terms of economics, real flow comprises
Consider the following in respect of ‘National Career Service’: National Career Service is an initiative of the Department of Personnel and Training, Gov...
The Pradhan Mantri Kisan Maandhan Yojana (PM-KMY) is an old-age pension scheme aimed at providing financial support to small and marginal farmers. However,...
The World Economic Outlook (WEO) 2024 projects global growth for 2024 and 2025 amidst a challenging economic environment. Services inflation has been a key...

Hey! Ask a query

In terms of economics, demand would be inelastic when

Detailed Solution

More ESI Previous Year Papers Questions

Hey! Ask a query

Please Register/Login