Post Utme Coal City University 2019 Economics Question 39

Practice objective / multiple choice question 39 from the 2019 Post Utme Coal City University Economics examination.

Post Utme Coal City University 2019 Economics Objective / Multiple Choice
Question 39 POST_UTME_COAL_CITY_UNIVERSITY • 2019 • ECONOMICS • objective

The concept of elasticity of demand is impor\tant in unders\tanding how changes in price affect the quantity demanded of a good. Which of the following is a correct statement about elasticity of demand?

Answer Options

Correct Answer A. Elasticity of demand is a measure of how responsive the quantity demanded of a good is to changes in price.
B. Elasticity of demand is a measure of how responsive the quantity supplied of a good is to changes in price.
C. Elasticity of demand is a measure of how responsive the price of a good is to changes in quantity demanded.
D. Elasticity of demand is a measure of how responsive the quantity demanded of a good is to changes in income.
Correct Answer
A
Correct Option:
Elasticity of demand is a measure of how responsive the quantity demanded of a good is to changes in price.

About This Question

This is Post Utme Coal City University 2019 Economics Question 39. It is one of the objective questions from the 2019 Post Utme Coal City University Economics examination.

View More Post Utme Coal City University 2019 Economics Questions More Post Utme Coal City University Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support