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WAEC Economics 2017 Question 8

Question 8

Elasticity

A demand curve parallel to the Y-axis indicates

  1. A.fairly elastic demand.
  2. B.perfectly elastic demand.
  3. C.perfectly inelastic demand.
  4. D.fairly inelastic demand.
Show the answer and explanation

Answer: C (perfectly inelastic demand.)

Explanation

A vertical demand curve means quantity does not change with price: perfectly inelastic.