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  5. 3.3 Elasticity Of Demand
3.3 Elasticity of Demand

3.3 Elasticity of Demand

Assessment

Presentation

•

Social Studies

•

9th - 12th Grade

•

Practice Problem

•

Easy

Created by

Marlee McNamee

Used 4+ times

FREE Resource

17 Slides • 13 Questions

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Multiple Choice

According to the Law of Demand, what happens to the quantity consumers buy when prices go down?

1

They buy more

2

They buy less

3

They buy the same amount

4

They stop buying

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Fill in the Blank

Price Elasticity of Demand (PED) measures how ___ quantity demanded is to a change in price.

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Multiple Choice

Which of the following statements about inelastic demand is correct?

1

Quantity demanded is very sensitive to price changes

2

Quantity demanded changes only a little with price changes

3

If price increases, quantity demanded falls a lot

4

If price decreases, quantity demanded increases a lot

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Multiple Choice

Based on the cartoon and the definition, what does inelastic demand mean for consumers when the price of milk increases?

1

They stop buying milk completely

2

They buy much less milk

3

They still buy milk even if the price increases

4

They switch to another product

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Multiple Choice

Which of the following is a characteristic of inelastic demand?

1

Quantity demanded is highly sensitive to price changes

2

Quantity demanded is insensitive to price changes

3

There are many substitutes available

4

It is usually a luxury good

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Open Ended

Explain how the cartoon in the 'Elastic Demand' slide illustrates the concept of elastic demand.

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Multiple Select

Select all the characteristics that are generally true for goods with elastic demand.

1

Many substitutes

2

Necessities

3

Large portion of income

4

Required now, rather than later

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Multiple Choice

Which of the following goods is most likely to have elastic demand?

1

Milk

2

Medical care

3

Pizza

4

Diapers

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Multiple Choice

Based on the graph and description, how does the shape of the inelastic demand curve differ from the elastic demand curve?

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Inelastic demand curve is flat, elastic demand curve is steep

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Both curves are equally steep

3

Inelastic demand curve is steep, elastic demand curve is flat

4

Both curves are flat

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Multiple Choice

Which of the following is NOT a general characteristic of elastic goods?

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Few substitutes

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Luxuries

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Large portion of income

4

Plenty of time to decide

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Fill in the Blank

Fill in the blank: For elastic demand, a price increase causes total revenue to ___, while a price decrease causes total revenue to increase.

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Fill in the Blank

The ability of consumers to respond to price changes is known as price ___.

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Open Ended

Reflecting on today's lesson about elasticity of demand, why do you think some businesses are able to raise prices without losing many customers, while others cannot?

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