C4S4 - What is Elasticity of Demand?

C4S4 - What is Elasticity of Demand?

12th Grade

5 Qs

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C4S4 - What is Elasticity of Demand?

C4S4 - What is Elasticity of Demand?

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Hard

Created by

Jared Pimentel

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5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Elasticity of supply measures how responsive

consumers are to price change

government is to price change

producers are to price change

workers are to price change

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following examples demonstrates elastic supply?

The price of submarine sandwiches rises 50 percent; the quantity supplied by the deli rises 30 percent.

Gasoline prices rise from $1.50 to $3.00 a gallon, and refineries increase production 10 percent.

Nurseries cut the price of rose bushes in half, but because the bushes are two years old, supply remains fixed.

A CD fails to be a hit, stores discount it by 30 percent, and the recording company lowers production by 50 percent.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the most common reason for supply to be inelastic?

the difficulty of changing the amount produced

the lack of competition among producers

the amount of government regulation

the lack of demand among consumers

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is most likely to have elasticity of supply for their product?

apple grower

car manufacturer

electronics manufacturer

wedding-cake baker

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do both elasticity of demand and elasticity of supply measure?

responsiveness to price

responsiveness to quantity

desires of consumers

desires of producers