Post Utme Oau 2023 Economics Question 1

Practice objective / multiple choice question 1 from the 2023 Post Utme Oau Economics examination.

Post Utme Oau 2023 Economics Objective / Multiple Choice
Question 1 POST_UTME_OAU • 2023 • ECONOMICS • objective

Determine the elasticity of demand for a product with a price elasticity of 0.5, given that the price of the product has increased by 10%.

Answer Options

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

About This Question

This is Post Utme Oau 2023 Economics Question 1. It is one of the objective questions from the 2023 Post Utme Oau Economics examination.

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