CUET CUET Economics 2024 - When Elasticity of Demand Curve is 1 at every point on the Demand Curve, this curve is known as: | PYQs + Solutions | AfterBoards
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CUET Economics 2024

Economics
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Consumer Behaviour & Demand

Easy

When Elasticity of Demand Curve is 1 at every point on the Demand Curve, this curve is known as:

Correct Option: 3
Key concept -> elasticity measures responsiveness -> of demand to price changes.
    \newline
  1. Perfectly inelastic demand -> no change in demand
    2. \newline
  2. Perfectly elastic demand -> infinite change in demand
    3. \newline
  3. Rectangular Hyperbola -> constant product of price and quantity
    4. \newline
  4. Greater than unitary demand -> highly responsive demand
\newline Answer is Rectangular Hyperbola -> unique shape where elasticity is 1.

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