Post Utme Bells University 2017 Economics Question 31

Practice objective / multiple choice question 31 from the 2017 Post Utme Bells University Economics examination.

Post Utme Bells University 2017 Economics Objective / Multiple Choice
Question 31 POST_UTME_BELLS_UNIVERSITY • 2017 • 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. Which of the following statements is a correct interpretation of this concept?

Answer Options

Correct Answer A. The demand for the commodity is highly responsive to changes in price.
B. The demand for the commodity is relatively unresponsive to changes in price.
C. The demand for the commodity is perfectly inelastic.
D. The demand for the commodity is perfectly elastic.
Correct Answer
A
Correct Option:
The demand for the commodity is highly responsive to changes in price.

About This Question

This is Post Utme Bells University 2017 Economics Question 31. It is one of the objective questions from the 2017 Post Utme Bells University Economics examination.

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