Post Utme Osustech 2023 Economics Question 37

Practice objective / multiple choice question 37 from the 2023 Post Utme Osustech Economics examination.

Post Utme Osustech 2023 Economics Objective / Multiple Choice
Question 37 POST_UTME_OSUSTECH • 2023 • ECONOMICS • objective

The elasticity of demand for a commodity is given by the formula \( eta = \frac{p}{x} \frac{dx}{dp} \). If the demand for a commodity is inelastic, which of the following statements is true?

Answer Options

Correct Answer A. The demand for the commodity is price-inelastic
B. The demand for the commodity is income-elastic
C. The demand for the commodity is price-elastic
D. The demand for the commodity is income-inelastic
Correct Answer
A
Correct Option:
The demand for the commodity is price-inelastic

About This Question

This is Post Utme Osustech 2023 Economics Question 37. It is one of the objective questions from the 2023 Post Utme Osustech Economics examination.

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