The demand for a product is said to be price inelastic if?

Economics

JAMB 1990

A. the price elasticity of demand is less than one
B. the price elasticity of demand is greater than one
C. a reduction in price results in increase in the quantity demanded
D. an increase in price results in a decrease in the quantity demanded

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Correct Answer: Option A

Explanation

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The demand for a product is said to be price inelastic if?

Correct Answer: Option A

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