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If elasticity of demand is very low, it shows that the commodity is
- AA necessity
- BA luxury
- CHas little importance in total budget
- Da' and 'c' above
Correct answer: D
Discussion 1
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CCommunity
a' and 'c' above
If elasticity of demand is very low, it shows that the commodity is necessity and has little importance in total budget.
If elasticity of demand is very low, it shows that the commodity is necessity and has little importance in total budget.