when the price of a given product is reduced from N100 to N90, the quantity...
ECONOMICS
WAEC 1997
when the price of a given product is reduced from N100 to N90, the quantity demanded increases from 50 to 60 units. From this we can conclude that the product's
- A. demand is elastic
- B. demand is inelastic
- C. demand is perfectly inelastic
- D. supply is not elastic
Correct Answer: A. demand is elastic
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