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प्रश्न
Which of the following is the most likely reason for the relatively high elasticity of bottled water?
पर्याय
Many substitutes are available
Good for health
Can be used for many purposes
Necessity item
उत्तर
Many substitutes are available
Explanation:
The relatively high elasticity of bottled water is most likely due to the availability of many substitutes, such as tap water, filtered water, or other beverage options. When there are many substitutes, consumers can easily switch to a different option if the price of bottled water increases, leading to higher price elasticity.
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संबंधित प्रश्न
Explain the effect of the following on the price elasticity of demand of a commodity:
(i) Number of substitutes
(ii) Nature of the commodity
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Define or explain the following concepts (Any THREE):
Stock
Choose the correct answer :
Demand of labour is _______
State whether the following statements are TRUE or FALSE :
The demand of foodgrains is inelastic.
Elasticity of demand for two goods A and B is -2 and -3 respectively. Then good A has higher elasticity.
The government wants to reduce the consumption of good by 10%. The price elasticity of demand for elasticity is -0.4. The government should raise the price of elasticity by ______.
Discuss any three/ four factors determining price elasticity of demand.
How does the nature of a good affect its elasticity of demand?
