Which one of the following statements is incorrect:

1.	Which one of the following statements is incorrect:
Answer» Higher numerical value of elasticity INDICATES larger effect of a PRICE change on the quantity demanded. Elasticirty of DEMAND can vary only between -1 and +1. The demand curves for all commodities which have unitary elastic demand will be rectangular hyperbola. Elasticity of demand establishes a QUANTITATIVE relationship between quantity demanded of a commodity and its price. While other factors remain constant. Solution :N/a

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