WAEC Economics 2011 Theory — Question 2
Question 2 of 25 from the West African Examinations Council (WAEC) Economics 2011 Theory paper, with the correct answer and a full explanation.
Advertisement
1(b) Is the supply of rice elastic? Give a reason for your answer.
Model answer
The supply of rice is elastic. The reason is that the coefficient is greater than 1, which means the percentage change in price brought about a greater percentage change in quantity supplied of rice.
Advertisement
Sign up free to unlock
- Score tracking
- Practice history
- Saved questions
- Progress dashboard
- Personalized sessions
- Weak-topic breakdown
…and/or go further with premium services and No Ads.