The demand will be _____ if there is no change in the demand of the commodity inspite of the change in the price of the commodity.
Perfectly elastic
Elastic
Perfectly inelastic
Inelastic
Revenues from the sale of a good will decrease if
Income increases and the good is normal
The price rises and demand is elastic
The price rises and demand is inelastic
Income falls and the good is interior
The price elasticity of demand generally tends to be:
Smaller in the long tun than in the shot run
Smaller in the short run than in the long run
Un related to the length of time
Larger in the short run than in the long run.
In case of demand, a slight change in the price will make greater changes in demand
A vertical demand curve has
Unit elasticity
Infinite elasticity
Zero elasticity
Varying elasticity
Cross elasticity of demand is
Negative for complementary goods
Negative for substitute goods
Unitary for inferior goods
Positive for inferior goods.
If the demand of the commodity changes at faster rates than change in the price of the commodity, the demand of the commodity will be known as
In figure, a unit elastic demand curve is shown by
a
b
c
d