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If the coefficient of price elasticity of supply of a commodity is 0.8, then supply...

Economics
WAEC 2024

If the coefficient of price elasticity of supply of a commodity is 0.8, then supply is 

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

B: If elasticity is less than one, than such elasticity is in elastic. If it is not infinity, then it is fairly inelastic.

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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