Quiz on Price Elasticity of Demand and Supply

Quiz on Price Elasticity of Demand and Supply

9th - 12th Grade

15 Qs

quiz-placeholder

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Quiz on Price Elasticity of Demand and Supply

Quiz on Price Elasticity of Demand and Supply

Assessment

Quiz

Social Studies

9th - 12th Grade

Easy

Created by

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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