3.3.2 Interpreting Elasticity of Demand

3.3.2 Interpreting Elasticity of Demand

Professional Development

26 Qs

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3.3.2 Interpreting Elasticity of Demand

3.3.2 Interpreting Elasticity of Demand

Assessment

Quiz

Social Studies

Professional Development

Practice Problem

Hard

Created by

James Hannaford

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26 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the price elasticity of a product measure?

The amount of product sold

The change in demand due to a price change

The total revenue generated

The cost of production

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price elasticity of demand is greater than 1, the product is considered:

Price inelastic

Price elastic

Unaffected by price changes

Perfectly elastic

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the formula for calculating price elasticity of demand?

% change in price / % change in quantity demanded

% change in quantity demanded / % change in price

% change in revenue / % change in price

% change in quantity supplied / % change in price

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For price elastic products, the % change in demand is:

Equal to the % change in price

Less than the % change in price

Greater than the % change in price

Unrelated to the % change in price

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For price inelastic products, the % change in demand is:

Equal to the % change in price

Less than the % change in price

Greater than the % change in price

Unrelated to the % change in price

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a product is price elastic, a price increase will make sales revenue:

Go up

Go down

Stay the same

Fluctuate randomly

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a product is price inelastic, a rise in price will make sales revenue:

Go up

Go down

Stay the same

Fluctuate randomly

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