The demand for a product is said to be price inelastic if?

Economics JAMB 1990

The demand for a product is said to be price inelastic if?

  • the price elasticity of demand is less than one checkmark
  • the price elasticity of demand is greater than one
  • a reduction in price results in increase in the quantity demanded
  • an increase in price results in a decrease in the quantity demanded

The correct answer is: A

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