Q704
Consider the following statements. 1. The demand for necessities in inelastic. 2. Demand for luxuries is elastic. 3. A product which has several uses has an elastic demand. Which of the statement(s) given above is/are correct?
A.
Only 3
B.
Both 2 and 3
C.
Both 1 and 2
D.
All of the above
AnswerAnswer: Option D
Solution
Answer: Option D
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