Q: How is the magnitude of price elasticity for an individual good determined? 1. By the degree to which the good is a necessity or luxury 2. By the extent to which substitutes are available 3. By the rate of income growth in the economy 4. By the relative importance of the good in the consumer's budget Select the correct answer using the code given below.
(a)1, 2 and 3
(b)1 and 4 only
(c)1, 2 and 4
(d)3 and 4
Correct Answer: (c)
The correct answer is (c): 1, 2 और 4. Subject: Indian Economy | Sub-topic: General Note: This answer was determined through AI-based research. Verify against the official answer key when available.