JAMB - Economics (2013 - No. 45)
From the graph above, the price elasticity of demand is
unitarily elastic
perfectly elastic
perfectly inelastic
fairly inelastic
Paaiškinimas
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.