WAEC Economics 2023 Objective — Question 7
Question 7 of 50 from the West African Examinations Council (WAEC) Economics 2023 Objective paper, with the correct answer and a full explanation.
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If the demand for a commodity remains constant as price increases, the commodity is said to be
- A. price elastic
- B. unit price elastic
- C. price inelastic
- D. perfectly price inelasticCorrect
Explanation
When changes in price do not affect the quantity demanded of a commodity at all, demand is perfectly price inelastic.
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