which of the following is not a determinant of demand elasticity?

share of consumer's budget spend on good

For a particular good, a 12 percent increase in price causes a 3 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good?

There are many substitutes for this good.

The market for the good is narrowly defined.

The relevant time horizon is long.

In which of the following cases would a firm's total revenue increase?

Price decreases and demand is elastic

Price increases and demand is elastic

Price decreases and supply is inelastic

Price decreases and demand is inelastic

If the price elasticity of demand for a product equals 1, as its price rises the:

Quantity demanded does not change.

A change in quantity demanded is shown

at various points on the demand curve

with a new demand curve drawn above or below the original demand curve

Which of the following is likely to increase the demand for peanut butter?

News that insects have destroyed much of the peanut crop and that there will be less peanut butter on the shelves in three months.

Fewer children in the population

A big increase in the price of jelly.

A report from the Surgeon General of the United States that eating peanut butter makes people nutty.

What is a complement?

When the price of one good increases, the demand for the other decreases

When the price of one good increases, the price of the other increases

When the demand of one good increases, the price of the other decreases

When the supply of one good increases, the demand of that good increases

In economics, the term demand refers to the quantity of a good that people

will buy at many different prices at a particular time

will buy at one particular price over a long time period

would like to consume on a given date

would like to have available during a given time period

degree of responsiveness of qty dd due to change in price of the same good

degree of responsiveness of qty dd due to change in price of a different good

degree of responsiveness of qty dd due to change in income

degree to which demand curve shifts

Which of the following is the likely result of a successful advertising campaign for an electronic game?

a demand curve that has shifted to the right

a supply curve that has shifted to the right

a supply curve that has shifted to the left

a demand curve that has shifted to the left

Use this diagram to identify which of the following would cause consumers to demand fewer slices of pizza.

an increase in the price of pizza slices

an increase in the supply of pizza slices

a decrease in the supply of tacos

a decrease in the price of pizza slices

Which of the following is the likely result of a successful advertising campaign for an electronic game?

a demand curve that has shifted to the right

a supply curve that has shifted to the right

a supply curve that has shifted to the left

a demand curve that has shifted to the left

ELASTICITY OF DEMAND

12th Grade - University

•

34 Qs

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ELASTICITY OF DEMAND

Quiz

•

Other

•

12th Grade - University

•

Practice Problem

•

Hard

MARK WILSON

Used 16+ times

FREE Resource

34 questions

Show all answers

MULTIPLE CHOICE QUESTION

1 min • 1 pt

PED of Good A is the degree of responsiveness of quantity demanded to a change in ______________, ceteris paribus.

Price of Good A

Price of Good B

Supply

Income

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

How is PED calculated?

Change in price / change in quantity

Change in quantity / change in price

Percentage change in quantity / percentage change in price

Percentage change in price / percentage change in quantity

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

When is the price elasticity of demand for a good likely to be high?

When expenditure on the good is a small part of total expenditure

When the good has few uses

When the good is habit-forming

When there are many substitutes for the good

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The price of rice has increased by 10%. What is the likely percentage change in quantity demanded?

Fall by 12%

Fall by 5%

Fall by 10%

Fall by 20%

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Suppose that elasticity of demand of socks is 0.7. If the price of socks is reduced by 10%, how will sales be effected?

sales will grow by more than 10%

Sales will grow by 10%

Sales will grow by less than 10%

Sales will decrease by 10%

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price on a product goes up the quantity demanded will go down. This follows the economic theory of:

Law of Demand

elasticity

income effect

None of the above

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The formula for calculating elasticity of demand is:

The % change in price over the % change in quantity demanded

The % change in quantity demanded over the % change in price

The change in price over the change in quantity demaned

The change in quantity demanded over the change in price

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ELASTICITY OF DEMAND

34 questions

PED of Good A is the degree of responsiveness of quantity demanded to a change in ______________, ceteris paribus.

How is PED calculated?

When is the price elasticity of demand for a good likely to be high?

The price of rice has increased by 10%. What is the likely percentage change in quantity demanded?

Suppose that elasticity of demand of socks is 0.7. If the price of socks is reduced by 10%, how will sales be effected?

If the price on a product goes up the quantity demanded will go down. This follows the economic theory of:

The formula for calculating elasticity of demand is:

The elasticity of demand for tissues is 0.66. This means the demand for tissues is

suppose a product's elasticity of demand is 1.7. How responsive is the quantity demanded to a change in price?

which of the following is not a determinant of demand elasticity?

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