
Unit 2 Chapter 4 Elasticity
Quiz
•
Business
•
12th Grade
•
Practice Problem
•
Hard
Janet Davis
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45 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the equilibrium price and quantity when supply decreases?
The equilibrium price decreases and the quantity increases.
The equilibrium price and quantity both increase.
The equilibrium price rises and the equilibrium quantity decreases.
The equilibrium price and quantity both decrease.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the quantity demanded of a good is very responsive to a change in its price, how does the equilibrium quantity change?
The equilibrium quantity changes a lot.
The equilibrium quantity does not change.
The equilibrium quantity changes very little.
The equilibrium quantity changes in the opposite direction of the price change.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the price elasticity of demand?
A measure of how the quantity demanded of a good responds to a change in the price of another good.
A units-free measure of the responsiveness of the quantity demanded of a good to a change in its price, holding all other influences on buying plans constant.
A measure of the total revenue change when there is a price change.
A measure of the change in supply when there is a change in demand.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why can't the responsiveness of quantity demanded to a price change be compared by looking at the slopes of two demand curves for different goods?
Because the slopes of demand curves are always the same for all goods.
Because the units of measurement for different goods are unrelated.
Because the price of one good does not affect the demand for another good.
Because the demand curves for different goods are always flat.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the equilibrium price and quantity when supply decreases?
The equilibrium price decreases and the quantity increases.
The equilibrium price and quantity both increase.
The equilibrium price rises and the equilibrium quantity decreases.
The equilibrium price and quantity both decrease.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the quantity demanded of a good is very responsive to a change in price, how does it affect the equilibrium quantity?
The equilibrium quantity changes a lot.
The equilibrium quantity does not change.
The equilibrium quantity decreases slightly.
The equilibrium quantity remains the same.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the price elasticity of demand?
A measure of how the quantity demanded of a good responds to a change in the quantity of the good.
A units-free measure of the responsiveness of the quantity demanded of a good to a change in its price, with all other influences on buying plans remaining the same.
A measure of how the equilibrium price of a good responds to a change in supply.
A measure of the change in supply of a good when its price changes.
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