WAEC Economics 2012 Objective — Question 4
Question 4 of 49 from the West African Examinations Council (WAEC) Economics 2012 Objective paper, with the correct answer and a full explanation.
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If a 8% decrease in price results in more than 6% decrease in quantity supplied, supply can be regarded as
- A. elasticCorrect
- B. unitary elastic
- C. perfectly inelastic
- D. perfectly elastic
Explanation
An elastic supply means that the percentage change in quantity demanded is greater than the percentage change in price.
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