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.
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This profit-maximizing pure competitor would close down within the short run when the price fell below the price resultant to: (i) point c. (ii) point d. (iii) point e. (iv) point f. (v) point g. Discover Q & A Leading Solution Library Avail More Than 1459346 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1928418 Asked 3,689 Active Tutors 1459346 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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