Elasticity of demand
Quiz by Cassendra gopinath
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14 questions
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- Q1What is the concept of elasticity of demand?A measure of the total amount demanded at different price levelsThe measure of demand for a good in the marketA measure of how responsive the quantity demanded is to a change in priceThe change in quantity demanded due to a change in income30s
- Q2What is the formula to calculate price elasticity of demand?Quantity demanded * PricePercentage change in quantity demanded / Percentage change in pricePercentage change in price / Percentage change in quantity demandedPrice / Quantity demanded30s
- Q3What does it mean if the price elasticity of demand is greater than 1?Demand is perfectly elasticDemand is unit elasticDemand is elasticDemand is inelastic30s
- Q4What does it mean if the price elasticity of demand is less than 1?Demand is unit elasticDemand is perfectly inelasticDemand is inelasticDemand is elastic30s
- Q5What is the relationship between price elasticity of demand and revenue?When demand is inelastic, an increase in price leads to a decrease in revenueWhen demand is elastic, an increase in price leads to a decrease in revenueWhen demand is unit elastic, a change in price has no effect on revenueWhen demand is elastic, an increase in price leads to an increase in revenue30s
- Q6What is the concept of cross-price elasticity of demand?A measure of how the total quantity demanded changes with incomeThe measure of how quantity demanded changes with changes in the cost of productionThe measure of demand for a good in the marketA measure of how the quantity demanded of one good changes when the price of another good changes30s
- Q7What does it mean if the price elasticity of demand is negative?Demand is elasticDemand is inelasticDemand is perfectly inelasticDemand is unitary elastic30s
- Q8What is the meaning of perfectly inelastic demand?Demand changes proportionally with price changesDemand is not affected by changes in incomeDemand is highly responsive to price changesDemand does not change at all in response to price changes30s
- Q9What does it mean if the price elasticity of demand is zero?Demand is inelasticDemand is unitary elasticDemand is perfectly elasticDemand is perfectly inelastic30s
- Q10What is the meaning of unitary elastic demand?Demand is not affected by changes in incomeDemand is highly responsive to price changesDemand does not change at all in response to price changesDemand changes proportionally with price changes30s
- Q11Which of the following is an example of perfectly elastic demand?Luxury carsEducation servicesAgricultural commoditiesMedical treatments30s
- Q12Which of the following is an example of a perfectly inelastic demand?Demand for fashion accessoriesDemand for movie ticketsDemand for coffeeDemand for life-saving medications30s
- Q13Which of the following statements is true about perfectly elastic demand?Price is the only factor influencing quantity demandedQuantity demanded is infinite at any priceDemand is not responsive to price changesPrice has no effect on quantity demanded30s
- Q14What does a unit elasticity of demand mean?No change in quantity demanded despite a change in priceInfinite changes in quantity demanded for a small change in priceEqual changes in quantity demanded and priceA weak response in quantity demanded to a change in priceA proportional response in quantity demanded to a change in price30s