Post Utme Summit University 2018 Economics Question 27

Practice objective / multiple choice question 27 from the 2018 Post Utme Summit University Economics examination.

Post Utme Summit University 2018 Economics Objective / Multiple Choice
Question 27 POST_UTME_SUMMIT_UNIVERSITY • 2018 • ECONOMICS • objective

The elasticity of demand for a product is 0.5. What does this imply about the responsiveness of the quantity demanded to a change in price?

Answer Options

A. The quantity demanded is highly responsive to changes in price
B. The quantity demanded is moderately responsive to changes in price
Correct Answer C. The quantity demanded is inelastic and not responsive to changes in price
D. The quantity demanded is unit elastic and responsive to changes in price
Correct Answer
C
Correct Option:
The quantity demanded is inelastic and not responsive to changes in price

About This Question

This is Post Utme Summit University 2018 Economics Question 27. It is one of the objective questions from the 2018 Post Utme Summit University Economics examination.

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