MAY 2025Foundation
Which of the following statement is not true while determining price elasticity of demand?
A
(A) Goods which have close or perfect substitutes, have highly elastic demand curves.
B
(B) The greater the proportion of income spent on a commodity; generally the lesser will be its elasticity of demand.
C
(C) Necessities are generally price inelastic.
D
(D) The more possible uses of a commodity, greater will be its price elasticity.