IGCSE Price Elasticity of Demand & Supply
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- Q 1/11Score 0If you slow down buying because of a price increase, your demand is29Strong.ElasticNormal.Inelastic.
11 questions
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- Q1If you slow down buying because of a price increase, your demand isStrong.ElasticNormal.Inelastic.30s
- Q2If you spend a very small proportion of your income on a product, thenYou will wait for a saleelastic demandInelastic demandYou will stop buying it30s
- Q3When the percentage change in the price exceeds the percentage change in quantity demanded, then demand isIrrelevantInelasticElasticUnitary elastic30s
- Q4Which of the following is an example of a good with inelastic demand?Fresh lobsterLife-saving medicineLaptop computersHD flat panel tv sets30s
- Q5If a good has a lot of substitutes, then its demand will tend to beElasticUnitaryNone of theseInelastic30s
- Q6Mercedes makes a luxury car called the Maybach which sells for approximately $490,000. base price. One would expect the demand for this product to be...InelasticUnitaryNone of theseElastic30s
- Q7If billionaire Bill Gates decides he has to have a Maybach, for him it has demand thatElasticNone of theseUnitary.Inelastic30s
- Q8Total revenue is defined asThe total amount of money a company takes in for selling its goodsthe amount of money affected by price elasticityThe amount of profit a company makesThe amount of profit a company makes after paying taxes30s
- Q9A graph that shows a product with elastic demand will tend to be...Finding equilibrium fasterBackward bendingFlatterMore straight up and down30s
- Q10Starbucks raised the price of a cup of coffee by 5 cents in early 2007, only to find that there was no change in the number of cups sold. What does this say about Starbucks coffee demand?It is perfectly inelasticIt acts like the demand for any luxury goodits perfectly elasticIt defies the laws of supply and demand60s
- Q11Netflix raised its price by 60% and lost 3% of its customers. This means its demand must beNone of theseElasticUnitaryInelastic30s
