WAEC Economics 2015 Objective — Question 12
Question 12 of 50 from the West African Examinations Council (WAEC) Economics 2015 Objective paper, with the correct answer and a full explanation.
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If a given change in price brings about a proportionately larger change in quantity demanded, then demand is
- A. relatively price elasticCorrect
- B. relatively price inelastic
- C. price elasticity of demand is unitary
- D. price elasticity of demand is constant
Explanation
When the percentage change in quantity demanded exceeds the percentage change in price, demand is relatively price elastic (elasticity coefficient greater than one).
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