Price Elasticity

Price Elasticity

10th Grade - University

10 Qs

quiz-placeholder

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Price Elasticity

Price Elasticity

Assessment

Quiz

Social Studies

10th Grade - University

Medium

Created by

Andres Ortegon

Used 204+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the elasticity of demand measures?

How the changes in prices affect global economy.

How customers react to changes in prices.

How customers react to changes in quality.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

To determine elasticity of demand economist use a...

Chart

Formula

None of the above

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Since the elasticity of demand is downward sloping the elasticity should always be negative.

True

False

Information not given.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Price elasticity of milk is 1.4, therefore we can say that milk is...

Elastic

Inelastic

Unit elastic

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Price elasticity of Bread is 1, therefore we can say that bread is...

Elastic

Inelastic

Unit elastic

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Price elasticity of soda is -0.8, therefore we can say that soda is...

Elastic

Inelastic

Unit elastic

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The reason why Chevrolet cars are very elastic is because...

They can be easily replaced by other cars

No matter the price, people will always choose chevrolet

Infomation not given.

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