We say that a good is price inelastic when an increase in price causes a smaller percentage fall in ….

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We say that a good is price inelastic when an increase in price causes a smaller percentage fall in demand. Which of the following goods is/are price inelastic?

Options :-

1. Petrol
2. Tap water
3. Apple iphones
4. All of the above
5. --

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Answer/ Explanation

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