JAMB - Economics (2023 - No. 2)
The demand for a good is price inelastic if
The price elasticity is less than one
The price elasticity is one
The price elasticity is negative
The price elasticity is greater than one
Explicaţie
Inelastic demand occurs when a change in demand is less than proportionate change in price. Inelastic demand is less than 1 i.e e < 1