Post Utme Esut 2022 Economics Question 31

Practice objective / multiple choice question 31 from the 2022 Post Utme Esut Economics examination.

Post Utme Esut 2022 Economics Objective / Multiple Choice
Question 31 POST_UTME_ESUT • 2022 • ECONOMICS • objective

The elasticity of demand for a product is calculated as the percentage change in quantity demanded in response to a 1% change in price. If the demand for a product is elastic, what can be concluded about the price elasticity of demand?

Answer Options

Correct Answer A. The price elasticity of demand is greater than 1
B. The price elasticity of demand is less than 1
C. The price elasticity of demand is equal to 1
D. The price elasticity of demand is undefined
Correct Answer
A
Correct Option:
The price elasticity of demand is greater than 1

About This Question

This is Post Utme Esut 2022 Economics Question 31. It is one of the objective questions from the 2022 Post Utme Esut Economics examination.

View More Post Utme Esut 2022 Economics Questions More Post Utme Esut 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