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Price Elasticity of Demand

Authored by maham ali rana

Other

12th Grade

10 Questions

Used 3+ times

Price Elasticity of Demand
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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fill in the blank: A demand curve is considered inelastic if the quantity demanded changes _______ with a change in price.

significantly

insignificantly

not at all

randomly

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following describes unitary price elasticity?

A) Change in demand is more than the change in price

B) Change in demand is less than the change in price

C) Change in demand equals the change in price.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fill in the blank: If the change in demand is equal to the change in price, the demand is ______.

A) Price elastic

B) Price inelastic

C) Unitary price elasticity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of demand is characterized by a change in demand that is less than the change in price?

Price elastic

Price inelastic

Unitary price elasticity

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does perfectly elastic demand mean?

Demand where an increase in price will result in zero demand

Demand where a decrease in price will result in zero demand

Demand where price changes have no effect on demand

Demand where demand is always zero.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In perfectly elastic demand, what is the value of PED?

0

1

-1

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Perfectly elastic demand is a situation where an increase in price will result in ______ demand.

increased

decreased

zero

constant

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