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Elasticity Quiz

Authored by Syafiqah Nizam

Business

10th Grade

Used 2+ times

Elasticity Quiz
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is elasticity in business and economics?

The responsiveness of quantity supplied to a change in price

The percentage change in quantity demanded divided by the percentage change in price

The quantity demanded of a good in response to a change in price

A measure of a variable's sensitivity to a change in another variable

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is understanding price elasticity important for businesses?

To increase customer retention rates

To set higher prices for products

To predict the impact of pricing on product sales

To compete with other businesses on price

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the Price Elasticity of Demand measure?

The percentage change in quantity supplied divided by the percentage change in price

The relationship between quantity demanded of a good and its price

The responsiveness of supply to a change in price

The sensitivity of demand to changes in consumer income

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a Price Elasticity of Demand value greater than 1 indicate?

Perfectly elastic demand

Unit elastic demand

Inelastic demand

Elastic demand

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the formula for calculating Price Elasticity of Demand?

Percentage Change in Quantity Demanded / Percentage Change in Price

Percentage Change in Price / Percentage Change in Quantity Demanded

Change in Quantity Demanded / Change in Price

Change in Price / Change in Quantity Demanded

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does Cross Elasticity of Demand measure?

The relationship between quantity demanded and quantity supplied

The percentage change in quantity demanded divided by the percentage change in price

The sensitivity of demand to changes in consumer income

The responsiveness of quantity demanded of one good to a change in price of another good

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is the concept of elasticity important for businesses?

To analyze supply and demand with greater precision

To decrease customer retention rates

To reduce the impact of pricing on product sales

To increase prices for products

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