Post Utme Skyline University 2023 Economics Question 23

Practice objective / multiple choice question 23 from the 2023 Post Utme Skyline University Economics examination.

Post Utme Skyline University 2023 Economics Objective / Multiple Choice
Question 23 POST_UTME_SKYLINE_UNIVERSITY • 2023 • ECONOMICS • objective

The demand for a product is elastic if the percentage change in quantity demanded is greater than the percentage change in price. Which of the following is a correct statement about the elasticity of demand?

Answer Options

A. The demand for a product is elastic if the percentage change in quantity demanded is less than the percentage change in price.
Correct Answer B. The demand for a product is elastic if the percentage change in quantity demanded is greater than the percentage change in price.
C. The demand for a product is inelastic if the percentage change in quantity demanded is greater than the percentage change in price.
D. The demand for a product is inelastic if the percentage change in quantity demanded is less than the percentage change in price.
Correct Answer
B
Correct Option:
The demand for a product is elastic if the percentage change in quantity demanded is greater than the percentage change in price.

About This Question

This is Post Utme Skyline University 2023 Economics Question 23. It is one of the objective questions from the 2023 Post Utme Skyline University Economics examination.

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