Nature And Applications Of Elasticity Of Supply Jamb Economics Past Questions

Exam Year:

Topic:

If the price elasticity of demand for a certain commodity is less than unity, then?

A. an increase in the price of the commodity will raise the total revenue of the producer
B. an increase in price leaves the total revenue unchanged
C. a decrease in price raises the total revenue of the supplier
D. a decrease in price leaves the total revenue constant