when the price of a given product is reduced fr... - WAEC Economics 1997 Question
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
A
demand is elastic
B
demand is inelastic
C
demand is perfectly inelastic
D
supply is not elastic
correct option: a
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