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Direction: In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:
Assertion (A): The supply of food grains is inelastic.
Reason (R): The supply of food grain is not responsive to the price of the food grain.
- a)Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of the Assertion (A).
- b)Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).
- c)Assertion (A) is true, but Reason (R) is false.
- d)Assertion (A) is false, but Reason (R) is true.
Correct answer is option 'A'. Can you explain this answer?
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Direction: In the following questions, a statement of Assertion (A) i...
The price elasticity of demand is a measure of the responsiveness of demand to a change in price. A food is said to be price inelastic, not responsive to price when its own-price elasticity is greater than -1.0. A food is said to be price elastic responsive to price when its own-price elasticity is less than -1.0.
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Direction: In the following questions, a statement of Assertion (A) i...
Assertion (A): The supply of food grains is inelastic.
Reason (R): The supply of food grain is not responsive to the price of the food grain.
Explanation:
In economics, the concept of elasticity is used to measure the responsiveness of quantity demanded or supplied to changes in price or income. Elasticity can be classified into three categories: elastic, inelastic, and unitary elasticity.
Supply Elasticity:
Supply elasticity measures how responsive the quantity supplied is to changes in price. When the supply of a good or service is elastic, it means that the quantity supplied changes significantly in response to changes in price. Conversely, when the supply is inelastic, it means that the quantity supplied does not change significantly in response to price changes.
Reasoning:
The reason given states that the supply of food grain is not responsive to the price of the food grain. This implies that changes in the price of food grains do not have a significant impact on the quantity supplied. If this is true, it suggests that the supply of food grains is inelastic.
Conclusion:
Both the assertion and the reason are true, and the reason correctly explains the assertion. The supply of food grains is inelastic because changes in the price of food grains do not result in significant changes in the quantity supplied. Therefore, option (a) is the correct answer.
Reason (R): The supply of food grain is not responsive to the price of the food grain.
Explanation:
In economics, the concept of elasticity is used to measure the responsiveness of quantity demanded or supplied to changes in price or income. Elasticity can be classified into three categories: elastic, inelastic, and unitary elasticity.
Supply Elasticity:
Supply elasticity measures how responsive the quantity supplied is to changes in price. When the supply of a good or service is elastic, it means that the quantity supplied changes significantly in response to changes in price. Conversely, when the supply is inelastic, it means that the quantity supplied does not change significantly in response to price changes.
Reasoning:
The reason given states that the supply of food grain is not responsive to the price of the food grain. This implies that changes in the price of food grains do not have a significant impact on the quantity supplied. If this is true, it suggests that the supply of food grains is inelastic.
Conclusion:
Both the assertion and the reason are true, and the reason correctly explains the assertion. The supply of food grains is inelastic because changes in the price of food grains do not result in significant changes in the quantity supplied. Therefore, option (a) is the correct answer.
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Direction: In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:Assertion (A): The supply of food grains is inelastic.Reason (R): The supply of food grain is not responsive to the price of the food grain.a)Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of the Assertion (A).b)Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).c)Assertion (A) is true, but Reason (R) is false.d)Assertion (A) is false, but Reason (R) is true.Correct answer is option 'A'. Can you explain this answer?
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Direction: In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:Assertion (A): The supply of food grains is inelastic.Reason (R): The supply of food grain is not responsive to the price of the food grain.a)Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of the Assertion (A).b)Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).c)Assertion (A) is true, but Reason (R) is false.d)Assertion (A) is false, but Reason (R) is true.Correct answer is option 'A'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Direction: In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:Assertion (A): The supply of food grains is inelastic.Reason (R): The supply of food grain is not responsive to the price of the food grain.a)Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of the Assertion (A).b)Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).c)Assertion (A) is true, but Reason (R) is false.d)Assertion (A) is false, but Reason (R) is true.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Direction: In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:Assertion (A): The supply of food grains is inelastic.Reason (R): The supply of food grain is not responsive to the price of the food grain.a)Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of the Assertion (A).b)Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).c)Assertion (A) is true, but Reason (R) is false.d)Assertion (A) is false, but Reason (R) is true.Correct answer is option 'A'. Can you explain this answer?.
Direction: In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:Assertion (A): The supply of food grains is inelastic.Reason (R): The supply of food grain is not responsive to the price of the food grain.a)Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of the Assertion (A).b)Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).c)Assertion (A) is true, but Reason (R) is false.d)Assertion (A) is false, but Reason (R) is true.Correct answer is option 'A'. Can you explain this answer? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Direction: In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:Assertion (A): The supply of food grains is inelastic.Reason (R): The supply of food grain is not responsive to the price of the food grain.a)Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of the Assertion (A).b)Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).c)Assertion (A) is true, but Reason (R) is false.d)Assertion (A) is false, but Reason (R) is true.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Direction: In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:Assertion (A): The supply of food grains is inelastic.Reason (R): The supply of food grain is not responsive to the price of the food grain.a)Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of the Assertion (A).b)Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).c)Assertion (A) is true, but Reason (R) is false.d)Assertion (A) is false, but Reason (R) is true.Correct answer is option 'A'. Can you explain this answer?.
Solutions for Direction: In the following questions, a statement of Assertion (A) is followed by a statement of Reason (R). Mark the correct choice as:Assertion (A): The supply of food grains is inelastic.Reason (R): The supply of food grain is not responsive to the price of the food grain.a)Both Assertion (A) and Reason (R) are true, and Reason (R) is the correct explanation of the Assertion (A).b)Both Assertion (A) and Reason (R) are true, but Reason (R) is not the correct explanation of the Assertion (A).c)Assertion (A) is true, but Reason (R) is false.d)Assertion (A) is false, but Reason (R) is true.Correct answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for Commerce.
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