The effect of an increase in price on the demand for a commodity with elastic...
ECONOMICS
WAEC 1995
The effect of an increase in price on the demand for a commodity with elastic demand will be
- A. an increase in the demand for the commodity
- B. a decrease in the demand for the commodity
- C. a further increase in the price of the commodity
- D. reduction in the number of the distributors of the commodity
Correct Answer: B. a decrease in the demand for the commodity
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