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The demand for a good is price inelastic if

Economics
JAMB 2023

The demand for a good is price inelastic if

  • A. The price elasticity is less than one
  • B. The price elasticity is one
  • C. The price elasticity is negative
  • D. The price elasticity is greater than one
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Correct Answer: Option A
Explanation

Inelastic demand occurs when a change in demand is less than proportionate change in price. Inelastic demand is less than 1 i.e e < 1

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