What are the various kinds of demand elasticity?

When elasticity of demand for a god is exactly 1, how is demand described?

• when elasticity of demand for a god is exactly 1, how is demand described? a)unitary elastic b)balanced c)exactly equal d)inelastic what effects does the availability of many good substitutes have on elasticity of demand for a good? a)demand is elastic b)demand is inelastic c)demand is unitary elastic d)demand is not affected which of the following is an example of a good necessity or a luxury affect his or her purchase of it? a)prescription medicine b)gourmet food c)electricity d)shoe polish how does a persons perception of the weather a god is necessity or a luxury affect his or her purchase of it? a) different people will have different concepts of necessity and luxury b)people who have a lot of money will buy goods even if they think they are a luxury c)a good that is perceived as expensive will no longer be considers a necessity d)a good that is perceived as a necessity will be purchases even if the price rises

• Answer:

  The answers are 1. A 2. A 3.A 4.D