Assertion (A): If price elasticity of demand is less than one, demand is inelastic. Reason (R): Consumers are relatively less responsive to price changes in inelastic demand.
Options:
- A: Both A and R are true, and R is the correct explanation of A
- B: Both A and R are true, but R is not the correct explanation of A
- C: A is true, but R is false
- D: A is false, but R is true
Related Practice Questions:
- A sum of ₹4000 is invested at compound interest for 2 years at a rate of 10% per annum. What will be the total amount at the end of 2 years?
- At what rate of simple interest per annum will a sum of money double itself in 8 years?
- The difference between the compound interest and simple interest on a certain sum of money for 2 years at 5% per annum is ₹25. Find the sum.
- The study of living organism :
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