Post Utme Joseph Ayo Babalola University 2021 Economics Question 25

Practice objective / multiple choice question 25 from the 2021 Post Utme Joseph Ayo Babalola University Economics examination.

Post Utme Joseph Ayo Babalola University 2021 Economics Objective / Multiple Choice
Question 25 POST_UTME_JOSEPH_AYO_BABALOLA_UNIVERSITY • 2021 • ECONOMICS • objective

The elasticity of demand is measured by the percentage change in the quantity demanded of a good in response to a 1% change in the price of the good. If the demand for a good is elastic, a 1% increase in the price of the good will result in a

Answer Options

A. less than 1% decrease in the quantity demanded
Correct Answer B. greater than 1% decrease in the quantity demanded
C. 1% decrease in the quantity demanded
D. no change in the quantity demanded
Correct Answer
B
Correct Option:
greater than 1% decrease in the quantity demanded

About This Question

This is Post Utme Joseph Ayo Babalola University 2021 Economics Question 25. It is one of the objective questions from the 2021 Post Utme Joseph Ayo Babalola University Economics examination.

View More Post Utme Joseph Ayo Babalola University 2021 Economics Questions More Post Utme Joseph Ayo Babalola 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