
Quiz on Price Elasticity of Demand and Supply
Quiz
•
Social Studies
•
9th - 12th Grade
•
Easy
Natalia Widjaja
Used 2+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does PED stand for?
Price Equilibrium Supply
Price Equilibrium Demand
Price Elasticity of Supply
Price Elasticity of Demand
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a PED value greater than 1 indicate?
Unit elastic demand
Inelastic demand
Elastic demand
Perfectly inelastic demand
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the price of a product decreases and the quantity demanded increases, what is this relationship called?
Constant relationship
Direct relationship
No relationship
Inverse relationship
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to demand when the price rises?
Demand increases
Demand becomes elastic
Demand decreases
Demand remains the same
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the formula for calculating PED?
%ΔP / %ΔQd
(P2-P1) / (Q2-Q1)
%ΔQd / %ΔP
(Q2-Q1) / (P2-P1)
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a PED value of 0 indicate?
Perfectly inelastic demand
Perfectly elastic demand
Elastic demand
Unit elastic demand
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an example of inelastic demand?
Electronics
Designer clothes
Bread
Luxury cars
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