Price Elasticity of Demand

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In case of perfectly elastic demand, the demand curve will be:

1 point

horizontal

vertical

rectangular hyperbola

none of the above

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In case of perfectly inelastic demand, the demand curve will be:

1 point

horizontal

vertical

rectangular hyperbola

none of the above

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When Ed = ∞, demand curve is

1 point

horizontal

vertical

rectangular hyperbola

none of the above

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Which of the following statements is incorrect?

1 point

necessities have inelastic demand.

availability of close substitutes makes the demand more elastic.

demand is inelastic in the long period.

none of the above

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A consumer demands 10 units of a commodity at the price of Rs 4 per unit. He demands 20 units when the price falls to Rs 2 per unit. Price elasticity of demand is equal to:

1 point

0.5

none of the above

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