Given below are two statements, one is labelled as Assertion (A) and other one labelled as Reason (R).
Assertion (A): The total expenditure made by a consumer on a normal good decreases with the increase in its price.
Reason (R): The price elasticity of demand for the good is elastic ($\text{E}_p > 1$).
In light of the above statements, choose the most appropriate answer from the options given below:
Assertion (A): The total expenditure made by a consumer on a normal good decreases with the increase in its price.
Reason (R): The price elasticity of demand for the good is elastic ($\text{E}_p > 1$). In light of the above statements, choose the most appropriate answer from the options given below:
Show Hint
- Both (A) and (R) are correct and (R) is the correct explanation of (A).
- Both (A) and (R) are correct but (R) is NOT the correct explanation of (A).
- (A) is correct but (R) is not correct.
- (A) is not correct but (R) is correct.
The Correct Option is D
Solution and Explanation
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- Which of the following statements is/are NOT CORRECT?
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