Where a commodity takes an insignificant proportion of th...
Where a commodity takes an insignificant proportion of the consumer's income, demand for it will be
Unitary elastic
Price inelastic
Fairly elastic
Income inelastic
Correct answer is D
Income inelastic means that consumer demand would not change in response to a change in income.
The middlemen is responsible for ...
Which of the following is associated with the development of petroleum industry in Nigeria? ...
If ˉx = 6 and N = 6, determine the value of ∑fx ...
Which of the following is most likely to be of benefit to a debtor? ...
The productivity of labour does not depend only on its own effort and efficiency, but also on I. ...
Import substitution industrialization refers to ...
The following are Methods of measuring National Income of a country EXCEPT ...
If a firm is faced with an elastic supply curve, its revenue will ...
Which of these statement is NOT true of economics as a discipline? ...