Post Utme Abu 2019 Economics Question 8

Practice objective / multiple choice question 8 from the 2019 Post Utme Abu Economics examination.

Post Utme Abu 2019 Economics Objective / Multiple Choice
Question 8 POST_UTME_ABU • 2019 • ECONOMICS • objective

The demand for a product is said to be elastic if a small change in price leads to a large change in quantity demanded. Which of the following products is likely to have an elastic demand?

Answer Options

A. A luxury item.
B. A necessity.
Correct Answer C. A product with a high price elasticity of demand.
D. A product with a low price elasticity of demand.
Correct Answer
C
Correct Option:
A product with a high price elasticity of demand.

About This Question

This is Post Utme Abu 2019 Economics Question 8. It is one of the objective questions from the 2019 Post Utme Abu Economics examination.

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