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MICROECONOMICS CH : 11 THEORY OF SUPPLY — Economics STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEconomicsMICROECONOMICS CH : 11 THEORY OF SUPPLY1 Mark
Question
When is the supply of a commodity called 'elastic'?
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Answer

When percentage change in quantity supplied is greater than the percentage change in own price of commodity, supply is said to be elastic.

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