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If a 6% decrease in price results in more than 6% decrease in quantity supplied,...

Economics
WAEC 2012

If a 6% decrease in price results in more than 6% decrease in quantity supplied, supply can be regarded as

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

The law of supply states that there is a direct relationship between the quantity supplied and the price of a commodity. If a change in price causes a change in the quantity supplied, this means the supply is elastic.

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts