Multiple Choice
Petrol has inelastic price elasticity of demand in both short and long run but chinaware has elastic price elasticity of demand in both short and long run because:
A) petrol is more important than chinaware.
B) petrol is a necessity and chinaware is a luxury.
C) petrol cannot be compared to chinaware.
D) petrol is a luxury and chinaware is a necessity.
Correct Answer:
Verified
Correct Answer:
Verified
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