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Question
Match the following:
| Column I | Column II |
| A. Goods whose close substitutes are available | (i) Perfectly elastic demand |
| B. Goods whose demand cannot be postponed | (ii) Perfectly inelastic demand |
| C. Goods whose quantity demanded does not respond to price change | (iii) Elastic demand |
| D. Goods which are perfect substitutes | (iv) Inelastic demand |
Options
A. (ii) B. (iii) C. (iv) D. (i)
A. (ii) B. (i) C. (iv) D. (iii)
A (ii) B. (iii) C. (iv) D. (i)
A. (iii) B. (iv) C. (ii) D. (i)
Solution
A. (iii) B. (iv) C. (ii) D. (i)
Explanation:
| Column I | Column II |
| A. Goods whose close substitutes are available | (i) Perfectly elastic demand |
| B. Goods whose demand cannot be postponed | (ii) Perfectly inelastic demand |
| C. Goods whose quantity demanded does not respond to price change | (iii) Elastic demand |
| D. Goods which are perfect substitutes | (iv) Inelastic demand |
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