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ibps-so 2024 · Question 165 of 209

A pharmaceutical company holds a patent for a rare, life-saving heart medication. Despite a 40% increase in the market price due to supply chain issues, the volume of units sold remained exactly the same as the previous quarter. How would a Marketing Officer plot this demand on a graph, and what is the elasticity?

  1. AA horizontal line; ed = ∞ (Perfectly Elastic)
  2. BA downward sloping curve; ed > 1 (Relatively Elastic)
  3. CA vertical line; ed = 0 (Perfectly Inelastic)Correct
  4. DA rectangular hyperbola; ed = 1 (Unitary Elastic)
  5. EAn upward sloping line; ed = 0 (Giffen Good)

Answer: C. A vertical line; ed = 0 (Perfectly Inelastic)

Official answer key verified. Detailed explanation coming soon.

Source: IBPS SO Marketing Officer Mains Memory Based 2024 - Adda247 · memory-based

← Q164View full paper (209 questions)Q166 →

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