Economics · Elasticity of Demand
If the price of a commodity decreases by 20% and the demand for that commodity increases by 40%, then the elasticity of demand will be classified as:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Highly elastic✓
- 2Unit elastic
- 3Perfectly inelastic
- 4Perfectly elastic
Correct answer
Highly elastic
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