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If the price of an item increases by 8% while the quantity demanded falls from...

Economics
JAMB 2012

If the price of an item increases by 8% while the quantity demanded falls from 1500 units to 1492 units, the demand is said to be

  • A. perfectly elastic
  • B. inelastic
  • C. elastic
  • D. perfectly inelastic
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Correct Answer: Option C
Explanation

Elastic demand is a situation where a change in prices leads to a change in the quantity demanded.

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