Post Utme Aaua 2017 Economics Question 23

Practice objective / multiple choice question 23 from the 2017 Post Utme Aaua Economics examination.

Post Utme Aaua 2017 Economics Objective / Multiple Choice
Question 23 POST_UTME_AAUA • 2017 • ECONOMICS • objective

The elasticity of demand for a product is measured by the percentage change in the quantity demanded in response to a 1% change in the price of the product. If the elasticity of demand for a product is 0.5, what does this imply about the responsiveness of consumers to changes in price?

Answer Options

A. Consumers are highly responsive to changes in price
B. Consumers are moderately responsive to changes in price
Correct Answer C. Consumers are not responsive to changes in price
D. Consumers are highly inelastic to changes in price
Correct Answer
C
Correct Option:
Consumers are not responsive to changes in price

About This Question

This is Post Utme Aaua 2017 Economics Question 23. It is one of the objective questions from the 2017 Post Utme Aaua Economics examination.

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