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Demand and Supply MCQs

When the elasticity of demand for a commodity is very low, it shows that the product

September 27, 2022
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When the elasticity of demand for a commodity is very low, it shows that the product

Q. When the elasticity of demand for a commodity is very low, it shows that the product ________.

  • Has little importance in the total budget
  • Is a luxury
  • Is a necessity
  • None of the above

Answer: Is a necessity

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