Post Utme Unilag 2021 Economics Question 1

Practice objective / multiple choice question 1 from the 2021 Post Utme Unilag Economics examination.

Post Utme Unilag 2021 Economics Objective / Multiple Choice
Question 1 POST_UTME_UNILAG • 2021 • ECONOMICS • objective

The concept of elasticity of demand is crucial in unders\tanding the responsiveness of consumers to changes in prices. Which of the following statements best describes the law of demand?

Answer Options

A. As the price of a commodity increases, the quantity demanded decreases.
B. As the price of a commodity decreases, the quantity demanded increases.
Correct Answer C. The law of demand states that the quantity demanded of a commodity is inversely related to its price.
D. The law of demand is a graphical representation of the relationship between price and quantity demanded.
Correct Answer
C
Correct Option:
The law of demand states that the quantity demanded of a commodity is inversely related to its price.

About This Question

This is Post Utme Unilag 2021 Economics Question 1. It is one of the objective questions from the 2021 Post Utme Unilag Economics examination.

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