WAEC Economics 2023 Objective — Question 8
Question 8 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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When more of the tax on a product is borne by the buyer than the seller, the commodity involved has A. elastic demand. B. fairly inelastic demand. C. perfectly elastic demand. D. perfectly inelastic demand.
- A. elastic demand
- B. fairly inelastic demandCorrect
- C. perfectly elastic demand
- D. perfectly inelastic demand
Explanation
When the seller transfers a large tax burden to the buyer, the goods the seller sells can be said to be fairly inelastic in demand.
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