Question 28
POST_UTME_AAUA
•
2022
•
ECONOMICS
•
objective
The demand for a commodity is said to be elastic if the percentage change in the quantity demanded is greater than the percentage change in the price of the commodity. U\sing the concept of elasticity of demand, explain why the demand for a commodity is said to be elastic.
Answer Options
Correct Answer
A.
The demand for a commodity is said to be elastic if the percentage change in the quantity demanded is greater than the percentage change in the price of the commodity.
B.
The demand for a commodity is said to be elastic if the percentage change in the quantity demanded is less than the percentage change in the price of the commodity.
C.
The demand for a commodity is said to be elastic if the percentage change in the quantity demanded is equal to the percentage change in the price of the commodity.
D.
The demand for a commodity is said to be elastic if the percentage change in the quantity demanded is greater than the percentage change in the price of the commodity, but only if the commodity is a necessity.
Correct Answer
A
Correct Option:
The demand for a commodity is said to be elastic if the percentage change in the quantity demanded is greater than the percentage change in the price of the commodity.
About This Question
This is
Post Utme Aaua
2022
Economics
Question 28.
It is one of the
objective
questions from the
2022
Post Utme Aaua
Economics
examination.