Price Elasticity of Demand
Authored by Lois Slater
Other
12th Grade
Used 48+ times
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8 questions
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1.
FILL IN THE BLANKS QUESTION
20 sec • 1 pt
Price Elasticity of Demand (PED) is the sensitivity of demand to a change in p (a)
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
If the percentage change in price leads to a greater percentage change in the quantity demanded, the answer will be greater than 1. This indicates that demand is relatively responsive to a change in price. What does this refer to?
Elastic
Inelastic
3.
MULTIPLE SELECT QUESTION
20 sec • 1 pt
A supermarket sells essential products such as bread and milk. Are these products likely to be elastic or inelastic?
Inelastic
Elastic
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
One marketing strategy might be to lower prices. If a manager lowered the prices of his/her products, which type of product would be more likely to increase revenue?
Elastic
Inelastic
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Your calculations for PED have given you an answer of -1, is the product elastic or inelastic?
Inelastic
Elastic
6.
FILL IN THE BLANKS QUESTION
20 sec • 1 pt
An answer for PED with -0.? indicates what type of product?
(a)
7.
FILL IN THE BLANKS QUESTION
20 sec • 1 pt
A business can reduce the PED by b (a) loyalty.
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