Define or explain the following concept: Elastic Demand

As per this point of view, management is that art through which a manager can easily achieve theobjectives by utilising the full capacity of the subordinates. In this reference, following...

Because arteries need to carry pressurised blood from the heart all throughout the body it has to be pressurized to stop back flow of blood into the heart veins carry...

1. When certain dissimilar substances, like fur and amber or comb and dry hair, are rubbed against each other, electrons get transferred to the other substance making them charged.  2. The...

Elastic cartilage Fibrocartilage 1. Perichondrium is present. Perichondrium is absent. 2. Very fine collagen fibres and chondrocytes are present in the matrix. Matrix contains bundles of collagen fibres and few chondrocytes. 3. It is elastic and...

It is the loss in strength of a material caused due to repeated alternating strains to which the material is subjected.

The concept of elasticity of demand is used by trade union leaders in collective bargaining. For instance, the trade union leaders can bargain for higher wages if they know that...

A commodity that can be used for different purposes (such as milk) will have an elastic demand. This is because if the price of this commodity increases, it will be...

In international trade, the concept of elasticity of demand plays an important role. This concept proves helpful in determining the norms that would prove beneficial for international trade. For instance,...

Correct option: (b) relatively inelastic

Correct Answer - C C.