Economics Exam Past Questions and Answers | JAMB, WAEC and NECO

Economics is the study of how societies allocate limited resources to meet the unlimited needs and wants of individuals. It focuses on the production of goods and services, economic growth, and various complex issues that are important to society.

• Question 2381: If the price elasticity of demand for a certain commodity is less than unity, then? Options:
  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
  Show Answer
  The correct answer is A .