Introduction to Price Elasticity of Demand

Introduction to Price Elasticity of Demand

8th Grade - University

12 Qs

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Introduction to Price Elasticity of Demand

Introduction to Price Elasticity of Demand

Assessment

Quiz

Business, Other

8th Grade - University

Practice Problem

Medium

Created by

Kerwin Alexander

Used 87+ times

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12 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following is not one of the types of elasticity we are going to cover in this course?

Price elasticity of demand

Income elasticity of demand

Cross elasticity of demand

Business elasticity of demand

Price elasticity of supply

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A measure of how much the quantity demanded changes in response to a change in price of that good

Price elasticity of demand

Income elasticity of demand

Cross elasticity of demand

Business elasticity of demand

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A measure of how much buyers and sellers respond to changes in market conditions.

PED

Elasticity

Change in demand

Change in quantity demanded

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

What does this symbol mean in Economics (and maths)

Sum

Variable

Change

Delta

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

How would you describe this shopper's behaviour?

Stable

Elastic

Inelastic

Cheap

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

How would you describe this shopper's behaviour?

Wealthy

Elastic

Inelastic

Cheap

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

What would most likely be the behaviour of someone who shops for butter?

Wealthy

Elastic

Inelastic

Cheap

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