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Q 1/11
Score 0
If you slow down buying because of a price increase, your demand is
30
Strong.
Elastic
Normal.
Inelastic.
Q 2/11
Score 0
If you spend a very small proportion of your income on a product, then
30
You will wait for a sale
elastic demand
Inelastic demand
You will stop buying it
11 questions
Q.
If you slow down buying because of a price increase, your demand is
1
30 sec
Q.
If you spend a very small proportion of your income on a product, then
2
30 sec
Q.
When the percentage change in the price exceeds the percentage change in quantity demanded, then demand is
3
30 sec
Q.
Which of the following is an example of a good with inelastic demand?
4
30 sec
Q.
If a good has a lot of substitutes, then its demand will tend to be
5
30 sec
Q.
Mercedes 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...
6
30 sec
Q.
If billionaire Bill Gates decides he has to have a Maybach, for him it has demand that
7
30 sec
Q.
Total revenue is defined as
8
30 sec
Q.
A graph that shows a product with elastic demand will tend to be...
9
30 sec
Q.
Starbucks 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?
10
60 sec
Q.
Netflix raised its price by 60% and lost 3% of its customers. This means its demand must be
