Post Utme Lasu 2019 Economics Question 11

Practice objective / multiple choice question 11 from the 2019 Post Utme Lasu Economics examination.

Post Utme Lasu 2019 Economics Objective / Multiple Choice
Question 11 POST_UTME_LASU • 2019 • ECONOMICS • objective

The demand for a commodity is said to be elastic if the percentage change in the quantity demanded is greater than the percentage change in the price. U\sing the concept of elasticity of demand, explain why the demand for a commodity is said to be elastic.

Answer Options

Correct Answer A. The demand for a commodity is said to be elastic if the percentage change in the quantity demanded is greater than the percentage change in the price.
B. The demand for a commodity is said to be elastic if the percentage change in the quantity demanded is less than the percentage change in the price.
C. The demand for a commodity is said to be elastic if the percentage change in the quantity demanded is equal to the percentage change in the price.
D. The demand for a commodity is said to be elastic if the percentage change in the quantity demanded is less than the percentage change in the price, but the price is not affected by the change in quantity demanded.
Correct Answer
A
Correct Option:
The demand for a commodity is said to be elastic if the percentage change in the quantity demanded is greater than the percentage change in the price.

About This Question

This is Post Utme Lasu 2019 Economics Question 11. It is one of the objective questions from the 2019 Post Utme Lasu Economics examination.

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