Demand for a good is termed inelastic through the expenditure approach when if (Choose the correct alternative) |
(a) Price of the good falls, expenditure on it rises |
(b) Price of the good falls, expenditure on it falls |
(c) Price of the good falls, expenditure on it remains un-changed |
(d) Price of the good rises, expenditure on it falls |
Answer:
(c) Price of the good falls, expenditure on it remains unchanged.
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