Post Utme Igbinedion University 2019 Economics Question 31

Practice objective / multiple choice question 31 from the 2019 Post Utme Igbinedion University Economics examination.

Post Utme Igbinedion University 2019 Economics Objective / Multiple Choice
Question 31 POST_UTME_IGBINEDION_UNIVERSITY • 2019 • ECONOMICS • objective

The elasticity of demand for a commodity is measured by the percentage change in the quantity demanded in response to a 1% change in the price of the commodity. If the demand for a commodity is elastic, what does this imply about the price elasticity of demand?

Answer Options

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

About This Question

This is Post Utme Igbinedion University 2019 Economics Question 31. It is one of the objective questions from the 2019 Post Utme Igbinedion University Economics examination.

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