2012
Economics
POST UTME
A commodity is said to be price inelastic if
A.
Changes in the quantity purchased of a good is less than proportionate changes in its price
B.
Changes in the quantity purchased of a good is proportional to changes in its price
C.
Changes in the quantity purchased of a good is more than proportionate changes in its price
D.
The quantity purchased of a good never responds to change in its price.
Correct Answer: Changes in the quantity purchased of a good is less than proportionate changes in its price
Explanation
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