WAEC Economics 2024 Objective — Question 7
Question 7 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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7. Price elasticity of demand is the responsiveness of quantity demanded to a change in
- A. demand for the product.
- B. price of another product.
- C. income of the buyer.
- D. price of the product.Correct
Explanation
Price elasticity of demand is the responsiveness of quantity demanded to a change in the price of the commodity.
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