Post Utme Mountain Top University 2022 Economics Question 22

Practice objective / multiple choice question 22 from the 2022 Post Utme Mountain Top University Economics examination.

Post Utme Mountain Top University 2022 Economics Objective / Multiple Choice

Question 22 POST_UTME_MOUNTAIN_TOP_UNIVERSITY • 2022 • ECONOMICS • objective

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

Answer Options

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

Correct Answer B. The demand for a necessity such as bread.

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 necessity such as bread.

About This Question

This is Post Utme Mountain Top University 2022 Economics Question 22. It is one of the objective questions from the 2022 Post Utme Mountain Top University Economics examination.

View More Post Utme Mountain Top University 2022 Economics Questions More Post Utme Mountain Top 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