WAEC Economics 2013 Objective — Question 10
Question 10 of 50 from the West African Examinations Council (WAEC) Economics 2013 Objective paper, with the correct answer and a full explanation.
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Demand is elastic when percentage change in
- A. quantity demanded is greater than percentage change in priceCorrect
- B. price is greater than percentage change in quantity demanded
- C. price is equal to one
- D. quantity demanded is zero
Explanation
Demand is elastic when the percentage change in quantity is greater than the percentage change in price. The elasticity coefficient lies between 1 and infinity.
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