Post Utme Unilag 2023 Economics Question 21

Practice objective / multiple choice question 21 from the 2023 Post Utme Unilag Economics examination.

Post Utme Unilag 2023 Economics Objective / Multiple Choice
Question 21 POST_UTME_UNILAG • 2023 • ECONOMICS • objective

The demand for a commodity is said to be elastic if the percentage change in the quantity demanded is greater than the percentage change in the price. Which of the following statements is true about the elasticity of demand?

Answer Options

Correct Answer A. The elasticity of demand is always greater than 1
B. The elasticity of demand is always less than 1
C. The elasticity of demand is equal to 1
D. The elasticity of demand is greater than or equal to 1
Correct Answer
A
Correct Option:
The elasticity of demand is always greater than 1

About This Question

This is Post Utme Unilag 2023 Economics Question 21. It is one of the objective questions from the 2023 Post Utme Unilag Economics examination.

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