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

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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

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