Post Utme Rhema University 2023 Economics Question 16

Practice objective / multiple choice question 16 from the 2023 Post Utme Rhema University Economics examination.

Post Utme Rhema University 2023 Economics Objective / Multiple Choice
Question 16 POST_UTME_RHEMA_UNIVERSITY • 2023 • ECONOMICS • objective

Determine the price elasticity of demand for a product whose price elasticity of demand is 0.5 and the quantity demanded decreases by 20% when the price increases by 10%.

Answer Options

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

About This Question

This is Post Utme Rhema University 2023 Economics Question 16. It is one of the objective questions from the 2023 Post Utme Rhema University Economics examination.

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