ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Answer and Explanation: Because there are many close substitutes. The elasticity of demand for vegetables is greater than 1, meaning that the demand for vegetables is elastic.

Detailed explanation-2: -Demand elasticity is the extent to which a change in price causes a change in the quantity demanded. Demand is elastic when a change in price causes a relatively larger change in quantity demanded.

Detailed explanation-3: -A demand schedule is a table that shows the quantity demanded at each price. A demand curve is a graph that shows the quantity demanded at each price. Sometimes the demand curve is also called a demand schedule because it is a graphical representation of the demand scheduls.

Detailed explanation-4: -If the price goes up, the quantity demanded goes down (but demand itself stays the same). If the price decreases, quantity demanded increases. This is the Law of Demand. On a graph, an inverse relationship is represented by a downward sloping line from left to right.