Other things remaining constant, demand elasticity is high/ increases in which of the following cases:
1. if the goods are basic
2. If there are a wide number of substitutes available
3. increase in minimum wages of the labour
4. if the good has multiple-uses
Which of the above statements are correct?
1
2 and 4 Only
2
2, 3 and 4 Only
3
1, 3 and 4 Only
4
1, 2 and 3 Only
5
Answer Not Known