Q1115
Which of the following statement is/are correct? 1. When the percentage change in demand is greater than that of price, then demand is relatively inelastic. 2. When the demand remains unchanged at all price variation, it is perfectly inelastic. Select the correct answer
A.
Only 1
B.
Only 2
AnswerC.
Both 1 and 2
D.
Neither 1 nor 2
Answer: Option B
Solution
Answer: Option B
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