Post Utme Rhema University 2023 Economics Question 14

Practice objective / multiple choice question 14 from the 2023 Post Utme Rhema University Economics examination.

Post Utme Rhema University 2023 Economics Objective / Multiple Choice
Question 14 POST_UTME_RHEMA_UNIVERSITY • 2023 • ECONOMICS • objective

A country's import demand function is given by M = 100 - 2P, where M is imports and P is the price of imports. Determine the price elasticity of demand.

Answer Options

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

About This Question

This is Post Utme Rhema University 2023 Economics Question 14. It is one of the objective questions from the 2023 Post Utme Rhema University Economics examination.

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