Post Utme Eksu 2022 Economics Question 3

Practice objective / multiple choice question 3 from the 2022 Post Utme Eksu Economics examination.

Post Utme Eksu 2022 Economics Objective / Multiple Choice
Question 3 POST_UTME_EKSU • 2022 • ECONOMICS • objective

The demand for a product is elastic if a small change in price leads to a large change in the quantity demanded. Which of the following is a characteristic of an elastic demand?

Answer Options

A. A small change in price leads to a small change in quantity demanded
Correct Answer B. A small change in price leads to a large change in quantity demanded
C. A large change in price leads to a small change in quantity demanded
D. A large change in price leads to a large change in quantity demanded
Correct Answer
B
Correct Option:
A small change in price leads to a large change in quantity demanded

About This Question

This is Post Utme Eksu 2022 Economics Question 3. It is one of the objective questions from the 2022 Post Utme Eksu Economics examination.

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