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WAEC Economics 2024 Question 14

Question 14

Elasticity

If the coefficient of price elasticity of supply of a commodity is 0.8, then supply is

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

Answer: B (fairly inelastic.)

Explanation

A coefficient between 0 and 1 is (fairly) inelastic.