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WAEC Agricultural Science 2013 Question 56

Question 56

Basic Agricultural Economics

Demand is said to be price elastic, if the absolute value of price elasticity of demand is

  1. A.greater than one.
  2. B.less than one.
  3. C.one.
  4. D.zero.
Show the answer and explanation

Answer: A (greater than one.)

Explanation

Elastic demand means quantity changes by a bigger percentage than price, so elasticity is above 1.