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Economics - Elasticity - PED

Authored by Mr. J. Cumming

Other

11th - 12th Grade

Used 359+ times

Economics - Elasticity - PED
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is the correct definition of demand?

The quantity of a product that consumers are willing and able to demand at a given price.

The quantity of a product that consumers are willing and able to purchase at a given prices at a given period of time.

The quantity of a product that suppliers are willing and able to supply at a given price at a given period of time.

The amount of a given product or service that suppliers are willing to offer to consumers at a given price level at a given period.

2.

FILL IN THE BLANK QUESTION

1 min • 1 pt

For normal goods, as price increases demand will typically.....

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of price elasticity of demand?

The amount that price changes when demand changes

The change in demand that impacts on price changes

The responsiveness of consumer demand to a change in the price of a good or service

The responsiveness of price to a change in consumer demand

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the equation for PED?

% Change in quantity demanded ÷ % Change in income\%\ Change\ in\ quantity\ demanded\ \div\ \%\ Change\ in\ income

% Change in price ÷ % Change in quantity demanded\%\ Change\ in\ price\ \div\ \%\ Change\ in\ quantity\ demanded


% Change in quantity demanded ÷ % Change in price\%\ Change\ in\ quantity\ demanded\ \div\ \%\ Change\ in\ price

5.

FILL IN THE BLANK QUESTION

1 min • 1 pt

For normal goods, the PED number will always be ..................

6.

FILL IN THE BLANK QUESTION

1 min • 1 pt

If PED > 1, demand for a good is said to be price.....

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If PED is -2.5, then a 1% change in price will lead to what impact on quantity demanded?

Change of 25%

Change of 2.5%

Change of 0.25%

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