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Theory of consumer behaviour — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsTheory of consumer behaviour1 Mark
MCQ
If a commodity has large number of substitute goods, then its demand would be:
  • A
    Unitary elastic.
  • B
    Perfectly elastic.
  • C
    Perfectly inelastic.
  • ✓
    More than unitary elastic.
✓

Answer

Correct option: D.
More than unitary elastic.

The demand for commodities having more close substitutes is more than unitary elastic as whenever their price increases, people will start buying their substitute goods.

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