Assertion (A) Degree of Price Elasticity is less than one in case of relatively inelastic demand. 

B) Both A and R are correct, R is not the correct explanation of A

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 Answer - a R is the correct explanation of A .

(iii) Both (A) and (R) are true and (R) is the correct explanation of (A).

(iii) Both (A) and (R) is true and (R) is the correct explanation of (A).

Correct option: (b) relatively inelastic

Correct Answer - C C.

Correct Answer - A Refer Section