Commodities of inelastic demand
Which of the given commodities contain inelastic demand? A) Salt B) A particular brand of lipstick C) Medicines D) Mobile phone E) School uniform
Expert
Salt, medicines and school uniform encompass inelastic demand. The cause being that a consumer has to purchase such commodities even via price of such commodities changes.
Even a substantial modification in price leaves the demand unaffected.
Explain the concept of a concentration ratio. Is the concentration ratio in a monopolistically competitive industry likely to be higher than for a perfectly competitive industry
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Price ceilings tend to purpose of: (a) opportunity costs to decline. (b) monetary prices to rise legally. (c) shortages of price controlled goods. (d) black markets to disappear. (e) surpluses of goods at inflated prices. Discover Q & A Leading Solution Library Avail More Than 1449426 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1930535 Asked 3,689 Active Tutors 1449426 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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