NECO Economics 2007 Objective — Question 44
Question 44 of 60 from the National Examinations Council (NECO) Economics 2007 Objective paper, with the correct answer and a full explanation.
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When the coefficient of elasticity of demand is 0.4, demand is
- A. elastic
- B. inelasticCorrect
- C. perfectly elastic
Explanation
Price elasticity less than 1 (0.4 < 1) indicates inelastic demand - quantity demanded is relatively unresponsive to price changes.
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