If the price of an item increases by 8% while the quantity demanded falls from 1500 units to 1492 units; the demand is said to be?

By: |Published on: Oct 22|Categories: Economics JAMB| 0 comments

A. perfectly elastic
B. inelastic
C. elastic
D. perfectly inelastic

Correct Answer:

Option C – elastic

Explanation

Elastic demand is a situation where a change in prices leads to a change in the quantity demanded.

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