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What type of price elasticity of demand is the diagram above representing?  

Economics
JAMB 2022

What type of price elasticity of demand is the diagram above representing?

 

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

The diagram above shows that it is a perfectly inelastic demand. It is also known as Zero demand and it is an abnormal demand curve. The curve is vertical to the "Y-axis".

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