Elasticity of demand MCQ- grade 10
Quiz by Cassendra gopinath
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28 questions
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- Q1What is the definition of elasticity of demand?The total amount of goods or services demanded at different price levelsA measure of the responsiveness of quantity demanded to a change in priceThe maximum price a consumer is willing to pay for a good or serviceThe ability of consumers to substitute one good for another30s
- Q2Which of the following scenarios indicates elastic demand?When a small increase in price leads to a large decrease in quantity demandedWhen a large increase in price leads to a small decrease in quantity demandedWhen there is no change in quantity demanded regardless of priceWhen a decrease in price leads to an increase in quantity demanded30s
- Q3What is the formula for calculating price elasticity of demand?Total revenue / Total quantity demandedPercentage change in quantity demanded / Percentage change in pricePercentage change in price / Percentage change in quantity demandedTotal revenue / Percentage change in price30s
- Q4Which of the following goods is most likely to have inelastic demand?Luxury carsFast food mealsMedicine for life-threatening illnessesMovie tickets30s
- Q5What does it mean if the price elasticity of demand is greater than 1?Demand is perfectly elasticDemand is elasticDemand is unitary elasticDemand is inelastic30s
- Q6What is the primary factor that determines the elasticity of demand for a good?Availability of substitutesIncome levelBrand loyaltyPrice level30s
- Q7Which of the following is an example of a perfectly elastic demand?A large increase in price leads to a small decrease in quantity demandedA small increase in price leads to a small decrease in quantity demandedA small increase in price leads to an infinite decrease in quantity demandedThere is no change in quantity demanded regardless of price30s
- Q8Which of the following factors does NOT affect the elasticity of demand for a good?Income levelPrice levelBrand loyaltyAvailability of substitutes30s
- Q9Which of the following is an example of perfectly elastic demand?Prescription medicineAir travel ticketsGasolineaElectricity30s
- Q10Which of the following factors does NOT affect the elasticity of demand?Availability of substitutesTime periodNecessity of the productPrice of complementary goodsd30s
- Q11Which 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.b30s
- Q12Which of the following factors is most likely to make demand for a product more elastic?A higher proportion of income spent on the productcA lack of close substitutesA shorter time periodA necessity good30s
- Q13Which of the following is an example of inelastic demand?Luxury carsFast foodMovie ticketsbWater30s
- Q14Which of the following is a characteristic of elastic demand?cA small change in price leads to a large change in quantity demandedThe demand curve is verticalThe price elasticity of demand is always zeroA change in price has no effect on quantity demanded30s
- Q15Which of the following is a determinant of price elasticity of demand?bMarket competitionProduction costsAvailability of complementary goodsConsumer income30s