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Goods consumed out of habit have

Economics
WAEC 2014

Goods consumed out of habit have

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

Inelastic demand in economics is when people buy about the same amount whether the price drops or rises. 

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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
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