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When elasticity is zero, the demand curve is

Economics
JAMB 1978

When elasticity is zero, the demand curve is

  • A. Perfectly elastic
  • B. Perfectly inelastic
  • C. Concave
  • D. Downward slopping
  • E. Circular
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Correct Answer: Option B
Explanation

If the price elasticity of demand is zero, it means that the demand is totally independent of the price. No matter how the price changes, people buy the same quantity of the product. The demand curve of essential commodities like medicines has a slope which approaches zero. The demand curve will be perfectly inelastic. 


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NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Join your school's WhatsApp group
NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789