Economics · Elasticity of Demand
According to the Total Expenditure Method, if a fall in the price of a commodity leads to a decrease in total expenditure on it, the price elasticity of demand (PED) is:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Elastic (PED > 1)
- 2Inelastic (PED < 1)✓
- 3Unitary Elastic (PED = 1)
- 4Perfectly Elastic (PED = ∞)
Correct answer
Inelastic (PED < 1)
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