Post Utme Madonna University 2020 Economics Question 16

Practice objective / multiple choice question 16 from the 2020 Post Utme Madonna University Economics examination.

Post Utme Madonna University 2020 Economics Objective / Multiple Choice
Question 16 POST_UTME_MADONNA_UNIVERSITY • 2020 • ECONOMICS • objective

Determine the price elasticity of demand for a product that experiences a 15% decrease in price, resulting in a 20% increase in quantity demanded.

Answer Options

A. Unit elastic
B. Inelastic
Correct Answer C. Elastic
D. Perfectly elastic
Correct Answer
C
Correct Option:
Elastic

About This Question

This is Post Utme Madonna University 2020 Economics Question 16. It is one of the objective questions from the 2020 Post Utme Madonna University Economics examination.

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