WAEC Economics 2021 Theory — Question 18

Question 18 of 26 from the West African Examinations Council (WAEC) Economics 2021 Theory paper, with the correct answer and a full explanation.

5(b). Distinguish between elastic demand and inelastic demand.

Model answer

Elastic demand is where the percentage change in quantity demanded is greater than the percentage change in price. Inelastic demand is where the percentage change in quantity demanded is always less than the percentage change in price.

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