Question 26
POST_UTME_CRAWFORD_UNIVERSITY
•
2024
•
ECONOMICS
•
objective
The demand for a commodity is said to be inelastic if a change in its price leads to a change in the quantity demanded of the commodity by a percentage that is less than the percentage change in the price. Which of the following statements is true about inelastic demand?
Answer Options
A.
The demand for a commodity is inelastic if a change in its price leads to a change in the quantity demanded of the commodity by a percentage that is greater than the percentage change in the price.
Correct Answer
B.
The demand for a commodity is inelastic if a change in its price leads to a change in the quantity demanded of the commodity by a percentage that is less than the percentage change in the price.
C.
The demand for a commodity is inelastic if a change in its price leads to a change in the quantity demanded of the commodity by a percentage that is equal to the percentage change in the price.
D.
The demand for a commodity is inelastic if a change in its price leads to a change in the quantity demanded of the commodity by a percentage that is greater than the percentage change in the price.
Correct Answer
B
Correct Option:
The demand for a commodity is inelastic if a change in its price leads to a change in the quantity demanded of the commodity by a percentage that is less than the percentage change in the price.
About This Question
This is
Post Utme Crawford University
2024
Economics
Question 26.
It is one of the
objective
questions from the
2024
Post Utme Crawford University
Economics
examination.