
Elasticity of Demand
Authored by Sophia Krnjeta
Other
11th Grade
Used 5+ times

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9 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Fill in the blank: Elasticity of demand measures how responsive quantity demanded is to a change in ________.
Supply
Price
Quantity
Coefficient
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Any coefficient greater than 1 is called an elastic coefficient.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Fill in the blank: If a good has many substitutes it's demand tends to be more _________.
Elastic
Inelastic
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The demand for necessities tends to be more ________ than for luxuries.
Elastic
Inelastic
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
The demand for goods that take up a small portion of household income, such as pencils, are more _______.
Elastic
Inelastic
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
For which of the following products would demand be elastic?
Gasoline
Bread
Skittles
Insulin
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
The longer the time period a seller has to increase production, the more ______ the supply will be.
Elastic
Inelastic
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