Post Utme Rhema University 2025 Economics Question 3

Practice objective / multiple choice question 3 from the 2025 Post Utme Rhema University Economics examination.

Post Utme Rhema University 2025 Economics Objective / Multiple Choice
Question 3 POST_UTME_RHEMA_UNIVERSITY • 2025 • ECONOMICS • objective

A firm's demand for labor is given by the following equation: L = 100 - 2P, where L is labor and P is price. If the price increases by 10%, how much will labor decrease?

Answer Options

A. \( \frac{dL}{dP} = -2 \)
B. \( \frac{dL}{dP} = -2 \times 10% \)
Correct Answer C. \( \frac{dL}{dP} = -2 \times 10% \times 100 \)
D. \( \frac{dL}{dP} = -2 \times 10% \times 100 \times 100 \)
Correct Answer
C
Correct Option:
\( \frac{dL}{dP} = -2 \times 10% \times 100 \)

About This Question

This is Post Utme Rhema University 2025 Economics Question 3. It is one of the objective questions from the 2025 Post Utme Rhema University Economics examination.

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