
Understanding Price Elasticity
Interactive Video
•
Business, Education, Social Studies
•
7th - 12th Grade
•
Medium

Emma Peterson
Used 1+ times
FREE Resource
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main concept introduced in the beginning of the lesson?
Market equilibrium
Supply chain management
Consumer preferences
Price elasticity
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is elasticity defined in terms of demand and supply?
The change in consumer preferences
The impact of price change on quantity demanded or supplied
The stability of market prices
The availability of goods in the market
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to demand when a product has many substitutes?
Demand decreases
Demand becomes inelastic
Demand remains constant
Demand becomes elastic
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which factor does NOT influence demand elasticity?
Existence of complements
Necessity of the good
Production time
Availability of substitutes
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a good with inelastic demand?
Luxury cars
High-end electronics
Designer clothing
Basic food items
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a key factor affecting supply elasticity?
Consumer preferences
Production time
Market trends
Advertising strategies
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why do perishable goods have inelastic supply?
They are always in high demand
They are expensive to produce
They spoil quickly and cannot be produced overnight
They can be stored for a long time
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