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Q 1/31
Score 0
What is the concept of elasticity of demand?
30
A measure of the total amount demanded at different price levels
The measure of demand for a good in the market
A measure of how responsive the quantity demanded is to a change in price
The change in quantity demanded due to a change in income
Q 2/31
Score 0
What is the formula to calculate price elasticity of demand?
30
Quantity demanded * Price
Percentage change in quantity demanded / Percentage change in price
Percentage change in price / Percentage change in quantity demanded
Price / Quantity demanded
31 questions
Q.
What is the concept of elasticity of demand?
1
30 sec
Q.
What is the formula to calculate price elasticity of demand?
2
30 sec
Q.
What does it mean if the price elasticity of demand is greater than 1?
3
30 sec
Q.
What does it mean if the price elasticity of demand is less than 1?
4
30 sec
Q.
What is the relationship between price elasticity of demand and revenue?
5
30 sec
Q.
What is the concept of cross-price elasticity of demand?
6
30 sec
Q.
What does it mean if the price elasticity of demand is negative?
7
30 sec
Q.
What is the meaning of perfectly inelastic demand?
8
30 sec
Q.
What does it mean if the price elasticity of demand is zero?
9
30 sec
Q.
What is the meaning of unitary elastic demand?
10
30 sec
Q.
Which of the following is an example of perfectly elastic demand?
11
30 sec
Q.
Which of the following is an example of a perfectly inelastic demand?
12
30 sec
Q.
Which of the following statements is true about perfectly elastic demand?
13
30 sec
Q.
What does a unit elasticity of demand mean?
14
30 sec
Q.
Which of the following is an example of perfectly elastic demand?
15
30 sec
Q.
Which of the following is an example of perfectly inelastic demand?
16
30 sec
Q.
Which of the following is an example of cross elasticity of demand?
17
30 sec
Q.
Which of the following is an example of perfectly inelastic supply?
18
30 sec
Q.
Which of the following is an example of relatively inelastic demand?
19
30 sec
Q.
What is the coefficient of price elasticity of demand for a perfectly elastic demand?
20
30 sec
Q.
When the price of a luxury car increases by 10%, the quantity demanded decreases by 8%. This scenario illustrates:
21
30 sec
Q.
A store reduces the price of a popular video game by 20% and observes that the quantity demanded increases by 25%. This scenario illustrates:
22
30 sec
Q.
A coffee shop decreases the price of its medium-sized coffee by 15% and observes that the quantity demanded increases by 10%. This scenario illustrates:
23
30 sec
Q.
Which of the following is an example of a perfectly elastic demand?
24
30 sec
Q.
Which of the following is an example of an inelastic demand?
25
30 sec
Q.
Which of the following factors affects the elasticity of demand?
26
30 sec
Q.
Which of the following is an example of a product with inelastic demand?
27
30 sec
Q.
Which of the following is an example of a product with relatively elastic demand?
28
30 sec
Q.
Which of the following is an example of a product with unitary elastic demand?
29
30 sec
Q.
What is the relationship between the price of a good and its elasticity of demand?
30
30 sec
Q.
What is the primary determinant of the price elasticity of demand?
