Quiz on Demand and Elasticity

Quiz on Demand and Elasticity

Professional Development

25 Qs

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Quiz on Demand and Elasticity

Quiz on Demand and Elasticity

Assessment

Quiz

Business

Professional Development

Practice Problem

Medium

Created by

K EEE)

Used 2+ times

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a determinant of demand?

Price of the product

Consumer income

Cost of production

Tastes and preferences

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Law of Demand states that, other things being equal:

Demand increases as supply decreases.

Price and quantity demanded are directly related.

Price and quantity demanded are inversely related.

Demand is constant regardless of price.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to the demand for a product when its price decreases, according to the Law of Demand?

Demand decreases

Demand increases

Demand remains the same

Demand fluctuates randomly

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a measure of elasticity of demand?

Total revenue

Cross-price elasticity

Price elasticity of demand

Income elasticity of supply

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price elasticity of demand for a product is greater than 1, the demand is considered:

Elastic

Inelastic

Unitary elastic

Perfectly inelastic

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a perfectly inelastic demand curve look like?

Horizontal line

Vertical line

Downward-sloping curve

Upward-sloping curve

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price of coffee increases and the demand for tea increases, coffee and tea are:

Substitutes

Complements

Unrelated goods

Luxury goods

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