Post Utme Noun 2017 Economics Question 31

Practice objective / multiple choice question 31 from the 2017 Post Utme Noun Economics examination.

Post Utme Noun 2017 Economics Objective / Multiple Choice
Question 31 POST_UTME_NOUN • 2017 • ECONOMICS • objective

The concept of elasticity of demand is crucial in unders\tanding the responsiveness of consumers to changes in the price of a commodity. Which of the following statements best describes the law of demand?

Answer Options

A. As the price of a commodity increases, the quantity demanded decreases.
B. As the price of a commodity decreases, the quantity demanded increases.
Correct Answer C. The law of demand states that the quantity demanded of a commodity is inversely related to its price.
D. The law of demand states that the quantity demanded of a commodity is directly related to its price.
Correct Answer
C
Correct Option:
The law of demand states that the quantity demanded of a commodity is inversely related to its price.

About This Question

This is Post Utme Noun 2017 Economics Question 31. It is one of the objective questions from the 2017 Post Utme Noun Economics examination.

View More Post Utme Noun 2017 Economics Questions More Post Utme Noun 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