From the graph above, the price elasticity of demand is
From the graph above, the price elasticity of demand is
Unitarily elastic
Perfectly elastic
Perfectly inelastic
Fairly inelastic
Correct answer is C
Price elasticity of demand is the degree to which a change in price would affect the quantity demanded or supplied of a product. From the diagram above, price elasticity of demand is perfectly inelastic (that is, the quantity demanded does not respond to price.) When price was zero, the quantity demanded remained unchanged/ the same.
Similar Questions
In a market economy, the problem of what goods to produced is solved primarily by ...
Monetary policy does NOT involve ...
One of the major uses of national income statistics in Nigeria is to ...
Which of the following is not a component of national income at factor cost? ...
A major achievement of the Organization of Petroleum Exporting Countries (OPEC) is that ...
The theory of ............... was propounded by .................. ...
In a free market economy. the rationing of scarce goods is done principally by_______ ...
Find the arithmetic mean of the following set of scores 12, 4, 2, 8, and 14 ...
Development banks mainly provides ...
The most important requirement for increasing agriculture output in Nigeria is ...