The demand for a product is said to be price inelastic if?
ECONOMICS
JAMB 1990
The demand for a product is said to be price inelastic if?
- A. the price elasticity of demand is less than one
- B. the price elasticity of demand is greater than one
- C. a reduction in price results in increase in the quantity demanded
- D. an increase in price results in a decrease in the quantity demanded
Correct Answer: A. the price elasticity of demand is less than one
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