
Elasticity
Quiz
•
Business
•
3rd Grade
•
Hard
Jamie Thorns
Used 1+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
PED NUMBER is greater than 1 so......
PED is elastic
PED is inelastic
PED is perfectly inelastic
PED is unitary
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Which of the following is NOT a determinant of PED?
% of income
availability of substitutes
necessity
ease of producing the good
3.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
If the product is PED elastic a firm should do what to raise total revenue?
Lower price
Raise price
Do not change price
increase supply
4.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
An inferior elastic good is most likely to have which of the following YED values?
+3
+0.5
-5
-0.2
5.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Bread is most likely to have which of the following YED values......
+0.2
+5
-5
-0.8
6.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Weak substitutes are most likely to have which of the following XED values.....
+6
+0.2
-3
-0.2
7.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
Tennis balls and tennis racquets are most likely to have which of the following XED values.....
+3
-4
-0.5
+0.7
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