The effect of an increase in price on the demand for a commodity with elastic…

Economics WAEC 1995

The effect of an increase in price on the demand for a commodity with elastic demand will be

  • an increase in the demand for the commodity
  • a decrease in the demand for the commodity checkmark
  • a further increase in the price of the commodity
  • reduction in the number of the distributors of the commodity
  • a general increase in the cost of the production

The correct answer is: B

Explanation

No official explanation is available for this question at this time. Please check contributions posted by others below. If you can provide an explanation to help other student learn.
Previous Question Next Question

Leave A Comment