Question:
Identify the statement which is not correct regarding consumer behaviour and demand.
Identify the statement which is not correct regarding consumer behaviour and demand.
Updated On: May 18, 2024
- The demand for petroleum products is highly inelastic
- Utility is expressed in utils
- Downward movement along a demand curve takes palce due to increase in price of the commodity
- In perfectly inelastic demand, the demand curve is parallel to Y-axis
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The Correct Option is C
Solution and Explanation
The correct option is (C): Downward movement along a demand curve takes palce due to increase in price of the commodity
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