Post Utme Caleb University 2017 Economics Question 11

Practice objective / multiple choice question 11 from the 2017 Post Utme Caleb University Economics examination.

Post Utme Caleb University 2017 Economics Objective / Multiple Choice
Question 11 POST_UTME_CALEB_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 is a characteristic of an elastic demand?

Answer Options

A. The demand curve is steeper than the supply curve
Correct Answer B. The demand curve is flatter than the supply curve
C. The demand curve is vertical
D. The demand curve is horizontal
Correct Answer
B
Correct Option:
The demand curve is flatter than the supply curve

About This Question

This is Post Utme Caleb University 2017 Economics Question 11. It is one of the objective questions from the 2017 Post Utme Caleb University Economics examination.

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