Price Elasticity of Demand Quiz
10th Grade
•10 Qs
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Price Elasticity of Demand Quiz
Quiz
•
Business
•
10th Grade
•
Medium
J Morton
Used 19+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is price elasticity of demand?
Price elasticity of demand is a measure of the responsiveness of the quantity supplied of a good or service to a change in its price.
Price elasticity of demand is a measure of the responsiveness of the quantity demanded of a good or service to a change in its price.
Price elasticity of demand is a measure of the responsiveness of the quantity demanded of a good or service to a change in its income.
Price elasticity of demand is a measure of the responsiveness of the quantity demanded of a good or service to a change in its quality.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is price elasticity of demand calculated?
By subtracting the percentage change in quantity demanded from the percentage change in price
By adding the percentage change in quantity demanded to the percentage change in price
By dividing the percentage change in quantity demanded by the percentage change in price
By multiplying the percentage change in quantity demanded by the percentage change in price
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the price elasticity of demand for a good is greater than 1, it is considered to be:
Elastic
Unit elastic
Inelastic
Perfectly elastic
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the price elasticity of demand for a good is less than 1, it is considered to be:
Elastic
Inelastic
Unitary
Perfectly elastic
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the price elasticity of demand for a good is equal to 1, it is considered to be:
Perfectly inelastic
Elastic
Perfectly elastic
Unitary elastic
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the price elasticity of demand for a good is infinity, it is considered to be:
Perfectly elastic
Inelastic
Unit elastic
Perfectly inelastic
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the price elasticity of demand for a good is 0, it is considered to be:
Inelastic
Perfectly inelastic
Unit elastic
Perfectly elastic
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