Economics · Theory of Demand
If the demand function is given as pq = c, where c is a constant, which of the following statements are correct? (i) The shape of this demand curve is a rectangular hyperbola. (ii) At all points on this demand curve, price elasticity of demand (e) is equal to -1. (iii) At all points on this demand curve, total expenditure remains constant. (iv) At all points on this demand curve, the product of p and q is the same.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1(i), (ii), (iii) and (iv) all are correct✓
- 2Only (i), (ii) and (iii) are correct
- 3Only (i) and (ii) are correct
- 4Only (i) is correct
Correct answer
(i), (ii), (iii) and (iv) all are correct
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