Home ยป When the elasticity of demand for a commodity is very low, it shows that the product Demand and Supply MCQs When the elasticity of demand for a commodity is very low, it shows that the product September 27, 2022 7 Views Q. When the elasticity of demand for a commodity is very low, it shows that the product ________. Has little importance in the total budgetIs a luxuryIs a necessityNone of the above Answer: Is a necessity
The term ‘normal profit’ as used in the analysis of equilibrium of the firm under perfect competition, refers to