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GK MCQs Section
Q. In which of the following commodities is the Price Elasticity of Demand less than unity?
  1. Vegetables
  2. Gold
  3. Tea
  4. Real Estate
Select the correct option from the codes given below:
Answer: 1 & 3 Only
Notes: Goods like vegetables and tea are considered necessities or habitual consumables, making their demand price inelastic (elasticity less than unity). Gold and real estate, however, exhibit price elastic demand (elasticity greater than one) as their demand is more sensitive to price changes compared to habitual goods.
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📌 Question Number: 17 in 59: Key Concepts in Micro & Macro-Economics in the above course in App.