Post Utme Babcock University 2020 Commerce Question 7

Practice objective / multiple choice question 7 from the 2020 Post Utme Babcock University Commerce examination.

Post Utme Babcock University 2020 Commerce Objective / Multiple Choice

Question 7 POST_UTME_BABCOCK_UNIVERSITY • 2020 • COMMERCE • objective

A firm is considering exporting its product to a foreign market. The firm has conducted market research and determined that the demand for the product is elastic. What does this mean for the firm?

Answer Options

A. The firm can increase its price and still sell the product

Correct Answer B. The firm can decrease its price and still sell the product

C. The firm cannot increase its price or decrease its price

D. The firm can increase its price, but only slightly

Correct Answer

Correct Option:

The firm can decrease its price and still sell the product

About This Question

This is Post Utme Babcock University 2020 Commerce Question 7. It is one of the objective questions from the 2020 Post Utme Babcock University Commerce examination.

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