The demand for which one of the following commodities will be almost p

by

The demand for which one of the following commodities will be almost perfectly inelastic ?

Gold
Cars
Dining out
Basic food grains
This question was previously asked in
UPSC Combined Section Officer – 2024
Download PDFAttempt Online
Perfectly inelastic demand means the quantity demanded does not change at all when the price changes. Demand for basic necessities, especially staple food grains, tends to be highly inelastic because people need them for survival regardless of the price, particularly for low-income households where these form a significant portion of consumption. While demand is rarely perfectly inelastic in reality, basic food grains are the best example among the given options of a commodity with very low price elasticity of demand. Gold, cars, and dining out are generally considered luxury or discretionary items with relatively elastic demand.
– Elasticity of demand measures the responsiveness of quantity demanded to price changes.
– Inelastic demand: Quantity demanded changes little with price changes.
– Perfectly inelastic demand: Quantity demanded does not change with price changes (vertical demand curve).
– Necessities tend to have more inelastic demand than luxuries.
Examples of goods with highly inelastic demand include life-saving medicines, essential basic food items, and addictive substances (though the latter has ethical implications).

More similar MCQ questions for Exam preparation:-

Telangana and Karnataka GK MCQ (2575)
accounting (2134)
Bihar state GK MCQ (1950)
Haryana GK MCQ (1945)
UPSC CAPF (1929)
Economics (1622)
Sentence improvement (1484)
Assam state GK MCQ (1479)
Synonyms (1421)
Jammu and kashmir GK MCQ (1388)
physics (1293)
Himachal pradesh GK MCQ (1272)
Kerala state GK MCQ (1225)
Tamilnadu state GK MCQ (1193)
UPSC CISF-AC-EXE (1188)
UPSC IAS (1173)
Costing (1153)
Preposition (1150)
biology (1120)
Financial management (1120)
Gujarat state GK MCQ (1079)
UPSC CDS-2 (1077)
UPSC CDS-1 (1063)
Andhra Pradesh GK MCQ (1043)
Articles (1043)
Arunachal pradesh state GK MCQ (1026)
Manipur GK MCQ (1022)
chemistry (1020)
Tenses (1007)
UPSC NDA-2 (989)
Indian politics (981)
Antonyms (941)
Legal aspects of business (930)
Computer fundamental miscellaneous (918)
Banking and financial institutions (897)
UPSC NDA-1 (892)
sikkim GK MCQ (853)
Environmental Science (811)
Geography (757)
Artificial intelligence (756)
Insurance (752)
Indian railway (726)
Jharkhand GK MCQ (717)
punjab GK MCQ (697)
Building materials (686)
Basic general knowledge (682)
Mizoram GK MCQ (668)
Sentence completion (663)
Sports (639)
Meghalaya GK MCQ (618)
Grammar (607)
Business management (603)
Visual basic (596)
UPSC Geoscientist (594)
Idioms and phrases (589)
History (582)
Chhattisgarh GK MCQ (565)
Business and commerce (563)
Maharashtra GK MCQ (538)
Spelling check (537)
One word substitution (525)
Waste water engineering (522)
Building construction (508)
Cloud computing (507)
Classification (505)
Surveying (490)
Operating system (476)
Goa GK MCQ (473)
Applied mechanics and graphic statics (468)
Common error detection (457)
Object oriented programming using c plus plus (455)
Ms access (452)
Irrigation engineering (448)
Organic chemistry (432)
Analogy (432)
Engineering economics (426)
Hydraulics and fluid mechanics (422)
Ordering of sentences (422)
Internet and web technology (377)
Machine learning (371)
Rcc structures design (364)
Madhya Pradesh state GK MCQ (356)
Non metal and its compounds (352)
UPSC Combined Section Officer (351)
Odisha GK MCQ (349)
Selecting words (342)
law (327)
Teaching and research (322)
Management information systems (321)
Chemistry in everyday life (296)
Days and years (293)
World geography (290)
Nagaland GK MCQ (289)
Sentence formation (278)
Construction planning and management (276)
Computer Hardware (270)
Power point (262)
Data science miscellaneous (260)
Direct and indirect speech (255)
Odd man out (254)
Voice (253)
Books and authors (252)
Environmental engineering (252)
System analysis and design (234)
Famous personalities (230)
Statement and assumption (230)
UPSC SO-Steno (227)
Ecommerce (226)
Highway engineering (218)
Ordering of words (217)
World organisations (214)
Tally (210)
Automation system (204)
Concrete technology and design of concrete structures (200)
Electronic principles (195)
Soil mechanics and foundation (194)
Jainism and buddhism (191)
Airport engineering (184)
Embedded systems (183)
Design of steel structures (182)
Railway engineering (182)
Internet of things (iot) (181)
Hrm in commerce (181)
Indian culture (176)
Electrical machine design (175)
technology (172)
Indian Polity (172)
Disk operating system (dos) (169)
Digital computer electronics (168)
Medieval history art and culture (166)
Theory of structures (162)
agriculture (161)
Vlsi design and testing (161)
Calculus (157)
Awards and honours (146)
Wireless Communication (143)
Linear Algebra (137)
Ms excel (136)
Statement and arguments (132)
Data analysis with python (130)
Css properties, css elements, css functions and tables (129)
Indian Economy (124)
Transformers (123)
UPSC CBI DSP LDCE (119)
Auditing (116)
General science (116)
Css text, borders and images (115)
Linux (114)
Signal processing (114)
Database systems (112)
Blood relation (111)
Electrostatics (106)
Bhakti movement (105)
D.c. Generators (105)
Indian history (103)
Introduction to data science (102)
Unix (102)
D.c. Motors (101)
Missing character finding (100)
Current Affairs (99)
Single phase induction motors (99)
Economics of power generation (99)
Synchronous motors (99)
Series completion (99)
Electrolysis and storage of batteries (98)
General Knowledge (98)
Electronics and instrumentation (97)
Business finance (97)
Transistors (96)
Transmission and distribution (95)
A.c fundamentals, circuits and circuit theory (95)
Missing number finding (95)
Statement and conclusion (94)
Switchgear protections (94)
Gst (93)
Electrical control systems (93)
Machine learning algorithms (92)
Course of action (91)
Information theory and coding (90)
Current electricity (89)
Basics of organic reaction mechanism (89)
Business statistics and research methods (89)
Logical deduction (87)
Business environment and international business (87)
Data collection and preprocessing (87)
Optical communication (81)
Number series completion (80)
Probability and statistics (72)
Science (70)
government (68)
Literature (68)
Indian Constitution (61)
environment (53)
politics (50)
statistics (49)
population (41)
mathematics (40)
Computer Science (40)
education (38)
Algebra (36)
Botany (33)
Ancient history art and culture (32)
Constitutional Law (31)
Business (28)
Demography (28)
arithmetic (28)
Finance (28)
geometry (26)
Banking (24)
Hinduism (23)
Health (22)
Culture (22)
Science and Technology (21)
geology (19)
Religion (18)
Buddhism (18)
international relations (17)
International Law (17)
astronomy (15)
Sociology (14)
cricket (14)
Archaeology (13)
tennis (13)
Earth Science (13)
medicine (13)
taxation (13)
ecology (12)
Islamic Law (12)
Film (12)
optics (12)
Economy (12)
calendar (12)
electricity (11)
nutrition (11)
music (11)
Islam (10)
Coding (10)
Logic (10)
Exit mobile version