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3 March, 12:04

The demand schedules for such products as eggs, bread, and electricity tend to be rev: 05_14_2018

relatively elastic.

relatively inelastic.

perfectly elastic.

unit-elastic.

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Answers (1)
  1. 3 March, 14:49
    0
    The correct answer is relatively inelastic.

    Explanation:

    Price elasticity of demand is a measure to show the degree of change in quantity demanded of a commodity due to change in its price level. Relatively inelastic demand means a greater change in price will cause a smaller change in quantity demanded of the commodity

    Goods such as eggs, bread and electricity are basic necessities to sustain life. They are needed to have a normal living. So, even when its price changes the quantity demanded will not be much affected.
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