Consider the following statements :
1. The demand for commodities having a large number of close
substitutes is less elastic than the commodities having a
smaller number of substitutes.
2. Luxury items have a highly elastic demand.
3. The commodities whose consumption cannot easily be
postponed have less elastic demand.
Which of these statements is/are correct?
(a) 1 only
(b) 2 and 3
(c) 1 and 2
(d) 1, 2 and 3
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Answer Posted / sesha ratnam
( b ) 2 and 3
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