Demand and Elasticity
Authored by James Severson
Education
9th - 12th Grade
Used 121+ times
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25 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An increase in the number of consumers can cause
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
when consumers have a need for a product that is urgent
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When replacing a certain item with with a less costly item is an example of
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
A city's transit authority increases the price of subway and bus tickets from $1.25 to $1.50. If the demand for these tickets is price inelastic, 1) the # of people riding buses & subways AND 2) the city's revenues will change in which way (respectively)?
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Demand is unit elastic if it is less than 1.0
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
30 sec • 1 pt
The formula for calculating elasticity of demand is:
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