Search Header Logo

Microconomics PED JPE

Authored by Julia Peters

Social Studies

12th Grade

Used 6+ times

Microconomics PED JPE
AI

AI Actions

Add similar questions

Adjust reading levels

Convert to real-world scenario

Translate activity

More...

    Content View

    Student View

36 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

1. What is price elasticity of demand (PED)?

A measure of supply responsiveness
A measure of how much quantity demanded changes with price
A measure of market competition
A measure of government regulation

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

2. Which formula represents the price elasticity of demand (PED)?

(Change in Quantity Demanded / Change in Price)
(Change in Price / Change in Quantity Demanded)
(Total Revenue / Quantity Demanded)
(Price / Quantity)

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

3. When demand is perfectly elastic, what is the value of PED?

0
1
Infinite (∞)
-1

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

4. When demand is perfectly inelastic, what is the value of PED?

0
1
Infinite (∞)
-1

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

5. Which of the following describes elastic demand?

Consumers are very responsive to price changes
Consumers are not responsive to price changes
Demand does not change with price
Demand only responds to income changes

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

6. Inelastic demand means that

Consumers are very responsive to price changes
Consumers are not responsive to price changes
Demand does not change with price
Demand only responds to income changes

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

7. What is the relationship between PED and total revenue when demand is elastic?

Total revenue increases as price increases
Total revenue remains constant as price changes
Total revenue decreases as price increases
Total revenue is zero

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?