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Elasticity of demand MCQ- grade 10

Quiz by Cassendra gopinath

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28 questions
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  • Q1
    What is the definition of elasticity of demand?
    The total amount of goods or services demanded at different price levels
    A measure of the responsiveness of quantity demanded to a change in price
    The maximum price a consumer is willing to pay for a good or service
    The ability of consumers to substitute one good for another
    30s
  • Q2
    Which of the following scenarios indicates elastic demand?
    When a small increase in price leads to a large decrease in quantity demanded
    When a large increase in price leads to a small decrease in quantity demanded
    When there is no change in quantity demanded regardless of price
    When a decrease in price leads to an increase in quantity demanded
    30s
  • Q3
    What is the formula for calculating price elasticity of demand?
    Total revenue / Total quantity demanded
    Percentage change in quantity demanded / Percentage change in price
    Percentage change in price / Percentage change in quantity demanded
    Total revenue / Percentage change in price
    30s
  • Q4
    Which of the following goods is most likely to have inelastic demand?
    Luxury cars
    Fast food meals
    Medicine for life-threatening illnesses
    Movie tickets
    30s
  • Q5
    What does it mean if the price elasticity of demand is greater than 1?
    Demand is perfectly elastic
    Demand is elastic
    Demand is unitary elastic
    Demand is inelastic
    30s
  • Q6
    What is the primary factor that determines the elasticity of demand for a good?
    Availability of substitutes
    Income level
    Brand loyalty
    Price level
    30s
  • Q7
    Which of the following is an example of a perfectly elastic demand?
    A large increase in price leads to a small decrease in quantity demanded
    A small increase in price leads to a small decrease in quantity demanded
    A small increase in price leads to an infinite decrease in quantity demanded
    There is no change in quantity demanded regardless of price
    30s
  • Q8
    Which of the following factors does NOT affect the elasticity of demand for a good?
    Income level
    Price level
    Brand loyalty
    Availability of substitutes
    30s
  • Q9
    Which of the following is an example of perfectly elastic demand?
    Prescription medicine
    Air travel tickets
    Gasoline
    a
    Electricity
    30s
  • Q10
    Which of the following factors does NOT affect the elasticity of demand?
    Availability of substitutes
    Time period
    Necessity of the product
    Price of complementary goods
    d
    30s
  • Q11
    Which of the following is true about inelastic demand?
    A large change in price leads to a small change in quantity demanded.
    A small change in price leads to a large change in quantity demanded.
    A change in price does not affect quantity demanded.
    A change in price results in no change in total revenue.
    b
    30s
  • Q12
    Which of the following factors is most likely to make demand for a product more elastic?
    A higher proportion of income spent on the product
    c
    A lack of close substitutes
    A shorter time period
    A necessity good
    30s
  • Q13
    Which of the following is an example of inelastic demand?
    Luxury cars
    Fast food
    Movie tickets
    b
    Water
    30s
  • Q14
    Which of the following is a characteristic of elastic demand?
    c
    A small change in price leads to a large change in quantity demanded
    The demand curve is vertical
    The price elasticity of demand is always zero
    A change in price has no effect on quantity demanded
    30s
  • Q15
    Which of the following is a determinant of price elasticity of demand?
    b
    Market competition
    Production costs
    Availability of complementary goods
    Consumer income
    30s

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