WAEC Economics 2025 Objective — Question 10
Question 10 of 51 from the West African Examinations Council (WAEC) Economics 2025 Objective paper, with the correct answer and a full explanation.
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Good X has a price elasticity of demand of 0.25. This means that
- A. it has many close substitutes.
- B. is a luxury good.
- C. is not purchased out of habit.
- D. has few substitutes.Correct
Explanation
A low elasticity (0.25) shows the good is fairly inelastic, usually because it has few or no close substitutes.
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