Correct Answer : B
Explanation :
Explanation :
Double method
Correct Answered :
Wrong Answered :
A
Expenditure method
B
Double method
C
Point method
D
Arc method
Double method
Correct Answered :
Wrong Answered :
A
High
B
Low
C
Moderate
D
Completely inelastic
Compared to essential goods, luxury items are highly elastic. Goods with many alternatives or competitors are elastic because, as the price of the good rises, consumers shift purchases to substitute items. Incomes and elasticity are related—as consumer incomes increase, demand for products increases as well.
Correct Answered :
Wrong Answered :