3.3 Elasticity

3.3 Elasticity

12th Grade

15 Qs

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3.3 Elasticity

3.3 Elasticity

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Easy

Created by

Maria Apablasa

Used 74+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Describe your demand for a product if you buy the same amount of it or just a small amount less after a large price increase.

elastic

unitary elastic

inelastic

hyperelastic

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of inelastic demand?

Jason wants the most expensive cellphone. He decides to get a cheaper model.

Priya wants to go to the season-opening game. Tickets to another game cost less, but she still buys tickets for the opener.

Tianna wants to try out a new, expensive restaurant. She goes to another restaurant whose food is excellent and costs less.

Shawn wants to buy a house in one neighborhood. But after searching, he decides to buy a house elsewhere instead.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Describe your demand for a product if you buy the same amount of it or just a small amount less after a large price increase.

elastic

unitary elastic

inelastic

hyperelastic

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does elasticity affect potential revenue for a firm?

If demand for a good is inelastic, lowering the price could raise revenue.

If demand for a good is inelastic, raising the price could reduce revenue.

If demand for a good is elastic, raising the price must increase revenue.

If demand for a good is elastic, raising the price could reduce revenue.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Shana continues to buy a necessary medicine even though prices for the medicine rise sharply. Shana's behavior shows how

the passage of time affects elasticity.

the law of demand eliminates elasticity.

luxury goods are nut subject to elasticity.

demand for necessities is inelastic.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Suppose demand for a product is highly elastic. What will likely happen to a company's total revenue if it raises the price of that product?

Total revenue will rise.

Total revenue will fall.

Total revenue will remain the same.

Total revenue will fluctuate.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why does demand generally become more elastic over time?

People don't change their shopping behavior over time.

Few substitutes become available.

People buy more products over time.

People have time to find substitutes and change behaviors.

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