{"id":52728,"date":"2024-04-15T23:43:32","date_gmt":"2024-04-15T23:43:32","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=52728"},"modified":"2024-04-15T23:43:32","modified_gmt":"2024-04-15T23:43:32","slug":"elasticity-of-demand-for-electricity-is","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/elasticity-of-demand-for-electricity-is\/","title":{"rendered":"Elasticity of demand for electricity is:"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;Inelastic&#8221; option2=&#8221;Elastic&#8221; option3=&#8221;Less elastic&#8221; option4=&#8221;More elastic&#8221; correct=&#8221;option1&#8243;]<!--more--><\/p>\n<p>The correct answer is: A. Inelastic.<\/p>\n<p>The demand for electricity is inelastic because it is a necessity. People need electricity to power their homes, businesses, and vehicles. Even if the price of electricity goes up, people will still need to use it. This means that the demand for electricity is not very sensitive to changes in price.<\/p>\n<p>Here is a brief explanation of each option:<\/p>\n<ul>\n<li>Inelastic demand means that the quantity demanded does not change much when the price changes. This is because the good or service is a necessity, and people will still need to buy it even if the price goes up.<\/li>\n<li>Elastic demand means that the quantity demanded changes a lot when the price changes. This is because the good or service is not a necessity, and people can easily go without it if the price goes up.<\/li>\n<li>Less elastic demand means that the quantity demanded changes less than inelastic demand when the price changes. This is because the good or service is a necessity, but people are willing to go without it if the price goes up a lot.<\/li>\n<li>More elastic demand means that the quantity demanded changes more than elastic demand when the price changes. This is because the good or service is not a necessity, and people are easily able to go without it if the price goes up.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;Inelastic&#8221; option2=&#8221;Elastic&#8221; option3=&#8221;Less elastic&#8221; option4=&#8221;More elastic&#8221; correct=&#8221;option1&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-52728","post","type-post","status-publish","format-standard","hentry","category-economics","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Elasticity of demand for electricity is:<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/elasticity-of-demand-for-electricity-is\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Elasticity of demand for electricity is:\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=&#8221;Inelastic&#8221; 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