Post Utme Afe Babalola University 2019 Economics Question 2

Practice objective / multiple choice question 2 from the 2019 Post Utme Afe Babalola University Economics examination.

Post Utme Afe Babalola University 2019 Economics Objective / Multiple Choice

Question 2 POST_UTME_AFE_BABALOLA_UNIVERSITY • 2019 • ECONOMICS • objective

The demand for a product is elastic if a small change in price leads to a large change in quantity demanded. Which of the following is a correct example of an elastic demand?

Answer Options

A. The demand for a luxury item such as a private jet is elastic.

B. The demand for a necessity such as bread is inelastic.

Correct Answer C. The demand for a product with many substitutes such as coffee is elastic.

D. The demand for a product with no substitutes such as water is inelastic.

Correct Answer

Correct Option:

The demand for a product with many substitutes such as coffee is elastic.

About This Question

This is Post Utme Afe Babalola University 2019 Economics Question 2. It is one of the objective questions from the 2019 Post Utme Afe Babalola University Economics examination.

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