Define price elasticity of demand. [AI 2004; NCERT]
What is elastic demand ?
Or When is demand for the commodity called elastic ? [AI 2007C, 09C;Foreign 2009]
When is demand for a commodity called perfectly inelastic ?
When is the demand of a commodity said to be inelastic ? [Delhi 2009C]
What causes a downward movement along a demand curve ?
Mention one factor that causes a rightward shift of the demand curve. [AI 2001]