Economics · Elasticity of Demand
Assertion (A): Price elasticity of demand measures the responsiveness of quantity demanded to a change in price. Reason (R): If demand is elastic, a small change in price leads to a relatively larger change in quantity demanded. Choose the correct answer from the options given below:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1(A) is true but (R) is false
- 2(A) is false but (R) is true
- 3Both (A) and (R) are true but (R) is not the correct explanation of (A)
- 4Both (A) and (R) are true and (R) is the correct explanation of (A)✓
Correct answer
Both (A) and (R) are true and (R) is the correct explanation of (A)
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