GCE Economics 2025 Objective — Question 45
Question 45 of 60 from the General Certificate of Education (GCE) Economics 2025 Objective paper, with the correct answer and a full explanation.
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When a change in price brings about proportional change in the quantity of a commodity sold, the supply is
- A. elastic
- B. fairly elastic
- C. inelastic
Explanation
When the percentage change in quantity supplied equals the percentage change in price, supply elasticity equals 1 (unitary elastic).
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