Post Utme Redeemers University 2018 Economics Question 21

Practice objective / multiple choice question 21 from the 2018 Post Utme Redeemers University Economics examination.

Post Utme Redeemers University 2018 Economics Objective / Multiple Choice
Question 21 POST_UTME_REDEEMERS_UNIVERSITY • 2018 • ECONOMICS • objective

The concept of elasticity of demand is most relevant in the context of a perfectly competitive market, where a small change in price leads to a large change in quantity demanded. Which of the following is a correct statement about the elasticity of demand?

Answer Options

Correct Answer A. Elasticity of demand is a measure of the responsiveness of quantity demanded to changes in price.
B. Elasticity of demand is a measure of the responsiveness of quantity supplied to changes in price.
C. Elasticity of demand is a measure of the responsiveness of quantity demanded to changes in income.
D. Elasticity of demand is a measure of the responsiveness of quantity supplied to changes in income.
Correct Answer
A
Correct Option:
Elasticity of demand is a measure of the responsiveness of quantity demanded to changes in price.

About This Question

This is Post Utme Redeemers University 2018 Economics Question 21. It is one of the objective questions from the 2018 Post Utme Redeemers University Economics examination.

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