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Business Data Management · Quiz 1 · 5 Jun 2022 · May 2022 term

Question 1: A product is likely to have a price elasticity of demand …

Question 1

+1 markOne correct option

A product is likely to have a price elasticity of demand that exceeds 1 when.

  1. A

    Its price falls

  2. B

    It is a necessity

  3. C

    It has close substitutes

  4. D

    The percentage of income spent on it decreases

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Correct answer

  • C

    It has close substitutes

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Question 1 of 20 in the IIT Madras BS Business Data Management (BDM) Quiz 1 paper sat on 5 Jun 2022, in the May 2022 term (IIT M DIPLOMA QUIZ1 EXAM QPE1 05 Jun 2022 IBA). It carries 1 mark.

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