Post Utme Redeemers University 2024 Economics Question 19

Practice objective / multiple choice question 19 from the 2024 Post Utme Redeemers University Economics examination.

Post Utme Redeemers University 2024 Economics Objective / Multiple Choice
Question 19 POST_UTME_REDEEMERS_UNIVERSITY • 2024 • ECONOMICS • objective

The demand for a product is said to be elastic if a small change in price leads to a large change in quantity demanded. What is the price elasticity of demand for a product with an elasticity of 2?

Answer Options

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

About This Question

This is Post Utme Redeemers University 2024 Economics Question 19. It is one of the objective questions from the 2024 Post Utme Redeemers University Economics examination.

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