when the price of a given product is reduced from N100 to N90, the quantity…

Economics WAEC 1997

when the price of a given product is reduced from N100 to N90, the quantity demanded increases from 50 to 60 units. From this we can conclude that the product’s

  • demand is elastic checkmark
  • demand is inelastic
  • demand is perfectly inelastic
  • supply is not elastic
  • demand has decline

The correct answer is: A

Explanation

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