Post Utme Ui 2025 Economics Question 29

Practice objective / multiple choice question 29 from the 2025 Post Utme Ui Economics examination.

Post Utme Ui 2025 Economics Objective / Multiple Choice
Question 29 POST_UTME_UI • 2025 • ECONOMICS • objective

The concept of elasticity of demand is closely related to the concept of price elasticity. Which of the following is a correct statement about price elasticity?

Answer Options

Correct Answer A. Price elasticity is the percentage change in quantity demanded in response to a 1% change in price
B. Price elasticity is the percentage change in price in response to a 1% change in quantity demanded
C. Price elasticity is the percentage change in quantity demanded in response to a 1% change in income
D. Price elasticity is the percentage change in income in response to a 1% change in quantity demanded
Correct Answer
A
Correct Option:
Price elasticity is the percentage change in quantity demanded in response to a 1% change in price

About This Question

This is Post Utme Ui 2025 Economics Question 29. It is one of the objective questions from the 2025 Post Utme Ui Economics examination.

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