Post Utme Wellspring University 2020 Economics Question 19

Practice objective / multiple choice question 19 from the 2020 Post Utme Wellspring University Economics examination.

Post Utme Wellspring University 2020 Economics Objective / Multiple Choice

Question 19 POST_UTME_WELLSPRING_UNIVERSITY • 2020 • ECONOMICS • objective

A firm is facing a downward-sloping demand curve. If the price elasticity of demand is -2 and the firm wants to maximize revenue, determine the optimal price and quantity.

Answer Options

Correct Answer A. Price = $10, Quantity = 20

B. Price = $20, Quantity = 10

C. Price = $30, Quantity = 5

D. Price = $40, Quantity = 2

Correct Answer

Correct Option:

Price = $10, Quantity = 20

About This Question

This is Post Utme Wellspring University 2020 Economics Question 19. It is one of the objective questions from the 2020 Post Utme Wellspring University Economics examination.

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