Elasticity of Demand
Authored by Gilbert Sanchez
Social Studies
9th - 12th Grade
Used 33+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Demand is almost always more elastic at higher prices and less elastic at lower prices.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The longer the adjustment period, the greater the consumers' ability to substitute relatively higher-priced products with lower-priced substitutes.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If demand is inelastic, producers will never willingly cut the price since doing so would reduce total revenue.
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Demand is unit elastic if it is less than 1.0
5.
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?
6.
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:
7.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
The formula for calculating elasticity of demand is:
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