Economics · Elasticity of Demand
With reference to the Price Elasticity of Demand, consider the following statements: (1) Demand for necessities tends to be price inelastic. (2) Availability of close substitutes increases the elasticity of demand. (3) Elasticity of demand remains constant along a straight-line demand curve. Which of the statements given above are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
Share:
- 11 & 2 only✓
- 22 & 3 only
- 31 & 3 only
- 41, 2 & 3
Correct answer
1 & 2 only
Download Single Question PDF
Save this question and verified answer as a clean study sheet with live clickable link.
👥
Share with Friends & Study Groups
Challenge your peer aspirants on WhatsApp or Telegram to solve this question!
Online Test Series
Start Free Mock Test →Preparing for Economics?
Practice full-length mock tests with real exam timers, instant score analysis, and all-India ranking.
Chapter Practice
Practice Elasticity of Demand MCQs →Want more practice questions on Elasticity of Demand?
Solve complete topic-wise tests with detailed solutions on GkGet.
Related Practice Questions
Recommended practice questions in Economics · Elasticity of Demand