Economics · Theory of Demand
When the total outlay (expenditure) on a commodity remains constant despite a change in its price, the price elasticity of demand is:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Perfectly elastic
- 2Perfectly inelastic
- 3Unitary elastic✓
- 4Relatively elastic
Correct answer
Unitary elastic
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