Post Utme Redeemers University 2019 Economics Question 38

Practice objective / multiple choice question 38 from the 2019 Post Utme Redeemers University Economics examination.

Post Utme Redeemers University 2019 Economics Objective / Multiple Choice
Question 38 POST_UTME_REDEEMERS_UNIVERSITY • 2019 • ECONOMICS • objective

The demand for a good is elastic if a small change in the price of the good leads to a large change in the quantity demanded. If the price of a good increases by 10%, what will happen to the quantity demanded of the good?

Answer Options

A. The quantity demanded will increase by 10%.
Correct Answer B. The quantity demanded will decrease by 10%.
C. The quantity demanded will increase by 20%.
D. The quantity demanded will decrease by 20%.
Correct Answer
B
Correct Option:
The quantity demanded will decrease by 10%.

About This Question

This is Post Utme Redeemers University 2019 Economics Question 38. It is one of the objective questions from the 2019 Post Utme Redeemers University Economics examination.

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