If elasticity of demand for a commodity is less than one, demand is
Unitary elastic
Inelastic
Infinite elastic
Zero elastic
Correct answer is B
No explanation has been provided for this answer.
One of the factors determining price elasticity of demand for a commodity is the
Availability of close substitute
Number of producers
Government policy
Price of other commodities
Correct answer is A
No explanation has been provided for this answer.
Less than quantity demanded
Equal to the qauntity demanded
Greater than quantity demanded
Equal to zero
Correct answer is C
No explanation has been provided for this answer.
At the equilibrium price, quantity demanded is
Greater than quantity supplied
Equal to quantity supplied
Less than quantity supplied
Equal to excess supply
Correct answer is B
No explanation has been provided for this answer.
Amount of goods offered to the market at respective prices and presented in a table is called
Price schedule
Supply schedule
Scale of preference
Demand schedule
Correct answer is B
No explanation has been provided for this answer.