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Distinguish bewtween perfect demand and ...

Distinguish bewtween perfect demand and perfectly inelastic demand. Draw diagrams also.

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Knowledge Check

  • Perfectly inelastic demand of a commodity means

    A
    the cost of a commodity changes but the demand remains unchanged
    B
    the price of the commodity does not change with the change in its demand
    C
    the demand of a commodity does not change with the change in its price
    D
    the demand of some other commodity changes with the change in the price of one commodity

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    Distinguish between 'decrease in demand' and 'decrease in quantity demanded' of a commodity.

    why is demand for water inelastic ?

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