Post Utme Redeemers University 2024 Economics Question 31

Practice objective / multiple choice question 31 from the 2024 Post Utme Redeemers University Economics examination.

Post Utme Redeemers University 2024 Economics Objective / Multiple Choice
Question 31 POST_UTME_REDEEMERS_UNIVERSITY • 2024 • ECONOMICS • objective

The demand for a product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the price elasticity of demand is -2, what is the price elasticity of supply?

Answer Options

A. Price Elasticity of Supply is 2
Correct Answer B. Price Elasticity of Supply is -2
C. Price Elasticity of Supply is 1
D. Price Elasticity of Supply is -1
Correct Answer
B
Correct Option:
Price Elasticity of Supply is -2

About This Question

This is Post Utme Redeemers University 2024 Economics Question 31. It is one of the objective questions from the 2024 Post Utme Redeemers University Economics examination.

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