The demand for a good is price inelastic if
ECONOMICS
JAMB 2023
The demand for a good is price inelastic if
- A. The price elasticity is less than one
- B. The price elasticity is one
- C. The price elasticity is negative
- D. The price elasticity is greater than one
Correct Answer: A. The price elasticity is less than one
Explanation
Inelastic demand occurs when a change in demand is less than proportionate change in price. Inelastic demand is less than 1
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