Question on: JAMB Economics - 2023
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The type of price elasticity of demand for a commodity whose quantity demanded remain unchanged despite changes in the price is
A
Perfectly elastic
B
Infinitely elastic
C
Inelastic
D
Perfectly inelastic
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Correct Option: D
The type of price elasticity of demand for a commodity whose quantity demanded remains unchanged despite changes in the price is referred to as "Perfectly inelastic." In this case, the demand does not respond to changes in price, and the quantity demanded remains constant.
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