Post Utme Uniport 2018 Commerce Question 23

Practice objective / multiple choice question 23 from the 2018 Post Utme Uniport Commerce examination.

Post Utme Uniport 2018 Commerce Objective / Multiple Choice
Question 23 POST_UTME_UNIPORT • 2018 • COMMERCE • objective

A company is considering launching a new product in a foreign market. The company has conducted market research and determined that the demand for the product is elastic. What is the likely effect of a price increase on the demand for the product?

Answer Options

A. The demand for the product will increase
Correct Answer B. The demand for the product will decrease
C. The demand for the product will remain unchanged
D. The demand for the product will be unaffected by the price increase
Correct Answer
B
Correct Option:
The demand for the product will decrease

About This Question

This is Post Utme Uniport 2018 Commerce Question 23. It is one of the objective questions from the 2018 Post Utme Uniport Commerce examination.

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