ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The price elasticity of demand is ordinarily negative because quantity demanded falls when price rises, as described by the “law of demand". Two rare classes of goods which have elasticity greater than 0 (consumers buy more if the price is higher) are Veblen and Giffen goods.

Detailed explanation-2: -The price elasticity of demand is a negative number.

Detailed explanation-3: -Negative Elasticity: What Does It Mean? Generally speaking, demand will decrease when price increases, and demand will increase when price decreases. That means that the price elasticity of demand is almost always negative (since demand and price have an inverse relationship).

Detailed explanation-4: -A positive cross elasticity of demand means that the demand for good A will increase as the price of good B goes up. This means that goods A and B are good substitutes.

Detailed explanation-5: -Price elasticity of supply is the percentage change in the quantity of a good or service supplied divided by the percentage change in the price. Since this elasticity is measured along the supply curve, the law of supply holds, and thus price elasticities of supply are always positive numbers.