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WAEC Economics 2023 Question 7

Question 7

Elasticity

If the demand for a commodity remains constant as price increases, the commodity is said to be

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

Answer: D (perfectly price inelastic.)

Explanation

If quantity does not change at all when price changes, demand is perfectly inelastic.