
Micro Economics Unit 3&4

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Other
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University
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Medium

Manu Jose
Used 2+ times
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21 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What does elasticity of demand measure?
How much supply changes in response to price
How much demand changes in response to price
How much price changes in response to supply
How much quantity demanded changes in response to income
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the formula for price elasticity of demand?
Percentage change in price / Percentage change in quantity demanded
Percentage change in income / Percentage change in quantity demanded
Percentage change in quantity demanded / Percentage change in price
Percentage change in quantity demanded / Percentage change in supply
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In the midpoint method of calculating elasticity, what is the formula for percentage change in price?
End value – Start value / Midpoint x 100%
Start value – End value / Midpoint x 100%
End value – Start value / Start value x 100%
End value – Start value / End value x 100%
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the value of price elasticity for perfectly inelastic demand?
0
1
Greater than 1
Infinity
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is a feature of elastic demand?
A small change in price leads to a large change in quantity demanded
A small change in price leads to a small change in quantity demanded
Quantity demanded remains unchanged regardless of price changes
Price and quantity demanded are unrelated
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is an example of inelastic demand?
Luxury cars
Designer clothes
Basic necessities like food and water
Electronics
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What does the production function represent?
The relationship between capital and labor
The relationship between inputs used and outputs produced
The relationship between price and demand
The relationship between elasticity and quantity supplied
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