Economics MCQ Questions and Solutions with Explanations | Commerce
Economics MCQ Questions and answers with easy and logical explanations. Commerce provides you all type of quantitative and competitive aptitude mcq questions with easy and logical explanations. Economics MCQ is important for exams like B.COM, M.COM, BBA, BBM, CA, CS, CMA, CPA, CFA, UPSC, NET, Banking and other commerce department exam. Page-9 section-7
1. The elasticity of demand at any price or at any output is the proportional change of amount purchased in response to a small change in price divided by the proportional change in price
b. Boulding
2. The elasticity of demand may be defined as the percentage change in quantity demanded, which would result from 1% change in price
c. Cairn Cross
3. The elasticity of demand for a commodity is the rate at which the quantity bought changes as the price changes
d. Marshall
4. The elasticity for demand in a market is large or small according to how the amount of demand increases for a given fall in price and diminishes more or less for a given rise in price
