NECO Economics 2024 Objective — Question 9
Question 9 of 50 from the National Examinations Council (NECO) Economics 2024 Objective paper, with the correct answer and a full explanation.
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If the quantity demanded of rice decreased from 150 bags to 100 bags, the percentage range in quantity demanded is
- A. A. 30.0%
- B. B. 33.3%Correct
- C. C. 50.0%
- D. D. 66.7%
Explanation
Percentage change in quantity demanded = (New Qty−Old Qty)/Old Qty × 100% = (100−150)/150 × 100% = 10/1 × 100/1 = 33.3%.
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