JAMB Economics 2023 Objective — Question 18

Question 18 of 40 from the Joint Admissions and Matriculation Board (JAMB) Economics 2023 Objective paper, with the correct answer and a full explanation.

It can be said that the goods is

A. (A) perfectly elastic
B. (B) fairly inelasticCorrect
C. (C) perfectly inelastic
D. (D) unitary elastic

Explanation

Since the elasticity coefficient (0.5) is less than 1 but greater than 0, the demand for the good is fairly inelastic.

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