Post Utme Skyline University 2023 Economics Question 3

Practice objective / multiple choice question 3 from the 2023 Post Utme Skyline University Economics examination.

Post Utme Skyline University 2023 Economics Objective / Multiple Choice
Question 3 POST_UTME_SKYLINE_UNIVERSITY • 2023 • ECONOMICS • objective
Post Utme Skyline University 2023 Economics Question 3 diagram

A diagram shows a downward-sloping demand curve and an upward-sloping supply curve. If the price elasticity of demand is 0.5 and the price elasticity of supply is 2, what is the likely outcome?

Answer Options

A. Price increases and quantity decreases
Correct Answer B. Price decreases and quantity increases
C. Price remains the same and quantity increases
D. Price increases and quantity increases
Correct Answer
B
Correct Option:
Price decreases and quantity increases

About This Question

This is Post Utme Skyline University 2023 Economics Question 3. It is one of the objective questions from the 2023 Post Utme Skyline University Economics examination.

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