Post Utme Mountain Top University 2022 Economics Question 17

Practice objective / multiple choice question 17 from the 2022 Post Utme Mountain Top University Economics examination.

Post Utme Mountain Top University 2022 Economics Objective / Multiple Choice

Question 17 POST_UTME_MOUNTAIN_TOP_UNIVERSITY • 2022 • ECONOMICS • objective

The demand for a product is said to be elastic if a small change in price leads to a large change in quantity demanded. Which of the following is a correct example of an elastic demand?

Answer Options

A. The demand for a luxury item such as a private jet.

B. The demand for a necessity such as bread.

Correct Answer C. The demand for a product with a high price elasticity such as a new smartphone.

D. The demand for a product with a low price elasticity such as a utility bill.

Correct Answer

Correct Option:

The demand for a product with a high price elasticity such as a new smartphone.

About This Question

This is Post Utme Mountain Top University 2022 Economics Question 17. It is one of the objective questions from the 2022 Post Utme Mountain Top University Economics examination.

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