Post Utme Veritas University 2023 Economics Question 30

Practice objective / multiple choice question 30 from the 2023 Post Utme Veritas University Economics examination.

Post Utme Veritas University 2023 Economics Objective / Multiple Choice
Question 30 POST_UTME_VERITAS_UNIVERSITY • 2023 • ECONOMICS • objective

The elasticity of demand for a commodity is measured by the percentage change in the quantity demanded in response to a 1% change in the price of the commodity. If the demand for a commodity is elastic, what is the implication for the price elasticity of demand?

Answer Options

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

About This Question

This is Post Utme Veritas University 2023 Economics Question 30. It is one of the objective questions from the 2023 Post Utme Veritas University Economics examination.

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