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WAEC Economics 2025 Question 35

Question 35

Elasticity

The demand for a box of matches by a rich consumer is most likely to be

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

Answer: D (price inelastic.)

Explanation

Matches take a tiny share of a rich person's income, so price changes barely affect the amount bought.