
Econ Elasticity Quiz
Authored by Tony Nassivera
Social Studies
12th Grade
Used 2+ times

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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the price of a product increases and the demand remains unchanged, what can be inferred about the price elasticity of demand for this product?
The demand is perfectly elastic.
The demand is perfectly inelastic.
The demand is unit elastic.
The demand is relatively elastic.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a price elasticity of demand greater than 1 indicate?
Demand is inelastic.
Demand is unit elastic.
Demand is perfectly inelastic.
Demand is elastic.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
At the equilibrium price, what is true?
Quantity demanded is greater than quantity supplied.
Quantity supplied is greater than quantity demanded.
Quantity demanded equals quantity supplied.
There is no relationship between quantity demanded and quantity supplied.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following would cause a shift in the demand curve for a normal good?
A decrease in the price of the good.
An increase in consumer income.
A decrease in the number of sellers.
An increase in the price of inputs.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the price of a substitute good increases, what happens to the demand for the original good?
It decreases.
It increases.
It remains unchanged.
It becomes perfectly elastic.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the equilibrium price when there is an increase in demand, assuming supply remains constant?
It decreases.
It increases.
It remains unchanged.
It becomes perfectly elastic.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a determinant of demand?
Production technology
Number of sellers
Tastes and Preferences
Cost of inputs
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