In case of Diamond, if the price goes up slightly, demand will fall by a much larger margin. The demand is 1. Zero elastic 2. Highly price elastic 3. Income elastic 4. Low price elastic 5. None of these

In case of Diamond, if the price goes up slightly,
demand will fall by a much larger margin. The
demand is
1. Zero elastic
2. Highly price elastic
3. Income elastic
4. Low price elastic
5. None of these
by

1 Answer

Answer :

Highly price elastic
by

Related questions

In case of diamond, if the price goes up slightly, demand will fall by a much larger margin. The demand is 1. Zero elastic 2. Highly price elastic 3. Income elastic 4. Low price elastic 5. None of these

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Last Answer : Highly price elastic

The demand for many industrial products for which a price increase or decrease will not significantly affect the demand is 1. elastic 2. inelastic 3. derived 4. joint 5. none of these

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Last Answer : (2) Inelastic Explanation: When the percentage change in quantity demanded is less than the percentage change in price, then the demand for the commodity is said to be inelastic. Price elasticity of demand refers to the degree of responsiveness of quantity demanded to change in price.

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