Price elasticity of demand
Quiz by Christopher Kempson
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6 questions
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- Q1If the price of a good increases by 10%, and the quantity demanded decreases by 5%, what is the price elasticity of demand?0.22.01.50.530s
- Q2Which of the following best represents a situation with perfectly inelastic demand?Movie tickets for a popular filmSmartphonesMedicine for a life-threatening conditionFashionable clothing30s
- Q3What does it mean when a product has an elasticity of demand greater than 1?The product's demand does not change with price.The product is price inelastic.The product's price does not affect its supply.The product is price elastic.30s
- Q4What does a price elasticity of demand of 0 indicate?Relatively elastic demandUnitary elastic demandPerfectly inelastic demandPerfectly elastic demand30s
- Q5Which of the following goods is likely to have a more elastic demand?Generic brand cerealSaltTap waterGourmet chocolates30s
- Q6If a 15% increase in the price of a product leads to a 15% decrease in the quantity demanded, what is the product's price elasticity of demand?1.510.5230s