Question 6
Which of the following goods would most likely have inelastic demand?
Luxury handbags
Restaurant meals
Mobile phones
Branded clothing
None of these
Question 6: Which of the following goods would most likely have inela…
Show answer
Correct answer
None of these
Question 6 of 23 in the IIT Madras BS Business Data Management (BDM) Quiz 1 paper sat on 19 Jul 2026, in the May 2026 term (Business Data Management 16 Jul 26). It carries 1 mark.
More questions from this paper
- What is the primary definition of 'needs' in economics?
- Which of the following best describes the term 'insatiable wants'?
- Economics is best described as:
- Which of the following is an example of a 'free good' in economics?
- Microeconomics focuses on:
- Amazon prime raises subscription prices and many subscribers cancel. This is an example of:
- In which of the below mentioned context is purchase volume is a better yardstick to differentiate than purchase value
- The committee for IIT M BS Cultural Fest Paradox 2027 was formed. They decided to order newer hoodies, since there were…
- If the price of petrol increases by 10% and quantity demanded falls by only 3%, the PED ratio is approximately:
- Which of the following correctly distinguishes 'wants' from 'desire' in economics?
- Suppose conflict escalates between the US and Iran. This conflict leads to a naval blockade in the Strait of Hormuz, a …
- Assume, Apple launches its latest flagship iPhone-17. Simultaneously, two market forces occur: First, a global semicond…
- Use the above diagram as your geometric guide for the Question below\ The student-run night canteen at IIT Madras faces…
- Which of the following correctly distinguish microeconomics from macroeconomics?\ i) Microeconomics studies the impact …
- Agreements and contracts are higher in B2B mainly in comparison to B2C since
- A farmer's association argues that 'good news for farming' (a bumper crop/excellent harvest) can sometimes be 'bad news…
- Mini Case Study\ The Economics of a Campus Mess: How Price Controls Create Shortages In the IIT Madras campus\ In the I…
- Mini Case Study\ The Economics of a Campus Mess: How Price Controls Create Shortages In the IIT Madras campus\ In the I…
- Mini Case Study\ The Economics of a Campus Mess: How Price Controls Create Shortages In the IIT Madras campus\ In the I…
- Saturn solutions decided to replace their existing computing systems with high-speed computing devices. Their purchase …
- The finance department of Saturn solutions had a total budget of 50 lakhs. They wanted a total of 50 laptops. All the v…
- The DMU of Saturn solutions now had a tough job to do. They had to select one vendor out of the three choices they had …