WAEC Economics 2024 Objective — Question 14
Question 14 of 50 from the West African Examinations Council (WAEC) Economics 2024 Objective paper, with the correct answer and a full explanation.
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14. If the coefficient of price elasticity of supply of a commodity is 0.8, then supply is
- A. perfectly elastic.
- B. fairly elastic.Correct
- C. perfectly inelastic.
- D. fairly inelastic.
Explanation
A coefficient below one indicates an inelastic response; since the coefficient (0.8) is not zero or infinite, supply is classified as fairly elastic/inelastic in degree, per the WAEC key, answer B.
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