CA Foundation Exam > CA Foundation Questions > Demand for electricity power is elastic becau...
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Demand for electricity power is elastic because_______
- a)It is available at a very high price
- b)It is essential for life
- c)It has many uses
- d)It has many substitutes
Correct answer is option 'C'. Can you explain this answer?
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Demand for electricity power is elastic because_______a)It is availabl...
Explanation:
Electricity power is considered to be an elastic demand because of the following reasons:
1. Many Uses: Electricity power is widely used for different purposes like lighting, heating, cooking, running appliances, etc. This means that there are many uses for electricity power, and consumers have a variety of options to choose from.
2. Substitutes: Consumers have the freedom to switch from one source of electricity power to another, depending on their needs and preferences. For example, they can switch from using electricity to using gas or oil for heating their homes.
3. Price Sensitivity: Consumers are sensitive to changes in the price of electricity power. If the price of electricity power increases beyond a certain level, they may reduce their consumption or switch to alternative sources of energy.
4. Essentiality: Although electricity power is essential for life, it is not the only source of energy that can be used to meet basic needs like lighting, heating, and cooking. As a result, consumers have the freedom to choose from a variety of energy sources that can meet their basic needs.
Electricity power is considered to be an elastic demand because of the following reasons:
1. Many Uses: Electricity power is widely used for different purposes like lighting, heating, cooking, running appliances, etc. This means that there are many uses for electricity power, and consumers have a variety of options to choose from.
2. Substitutes: Consumers have the freedom to switch from one source of electricity power to another, depending on their needs and preferences. For example, they can switch from using electricity to using gas or oil for heating their homes.
3. Price Sensitivity: Consumers are sensitive to changes in the price of electricity power. If the price of electricity power increases beyond a certain level, they may reduce their consumption or switch to alternative sources of energy.
4. Essentiality: Although electricity power is essential for life, it is not the only source of energy that can be used to meet basic needs like lighting, heating, and cooking. As a result, consumers have the freedom to choose from a variety of energy sources that can meet their basic needs.
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Demand for electricity power is elastic because_______a)It is availabl...
Electricity is a composit demand . If price of electricity rises its consumption can be restricted only to important purpose like lighting.Hence its demand is elastic as electricity has various uses..
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Demand for electricity power is elastic because_______a)It is available at a very high priceb)It is essential for lifec)It has many usesd)It has many substitutesCorrect answer is option 'C'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Demand for electricity power is elastic because_______a)It is available at a very high priceb)It is essential for lifec)It has many usesd)It has many substitutesCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Demand for electricity power is elastic because_______a)It is available at a very high priceb)It is essential for lifec)It has many usesd)It has many substitutesCorrect answer is option 'C'. Can you explain this answer?.
Demand for electricity power is elastic because_______a)It is available at a very high priceb)It is essential for lifec)It has many usesd)It has many substitutesCorrect answer is option 'C'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Demand for electricity power is elastic because_______a)It is available at a very high priceb)It is essential for lifec)It has many usesd)It has many substitutesCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Demand for electricity power is elastic because_______a)It is available at a very high priceb)It is essential for lifec)It has many usesd)It has many substitutesCorrect answer is option 'C'. Can you explain this answer?.
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