Elastic vs Inelastic

Elastic vs Inelastic

12th Grade

15 Qs

quiz-placeholder

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Elastic vs Inelastic

Elastic vs Inelastic

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Hard

Created by

John Robinson

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15 questions

Show all answers

1.

DRAG AND DROP QUESTION

1 min • 1 pt

​ (a)   demand - price changes have little effect on the quantity you buy.

​ (b)   demand - price changes have a significant effect on the quantity you buy.

Inelastic

Elastic

2.

DRAG AND DROP QUESTION

1 min • 1 pt

Necessities have ​ (a)   Demand

Luxuries have ​ (b)   Demand

inelastic

elastic

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The measure of how responsive consumers are to price changes in the marketplace.

Elasticity of demand

Elasticity of supply

Inelasticity of demand

None of these

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When a change in price leads to a relatively larger change in the quantity demanded.

Elasticity of demand

Elastic

Inelastic

Unit elastic

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which type of demand is characterized by a situation where a change in price results in a proportionally smaller change in quantity demanded?

Elastic

Inelastic

Unit elastic

Perfectly elastic

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What type of demand do luxury goods typically exhibit?

Elastic

Inelastic

Unit elastic

Perfectly inelastic

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If a product is considered a necessity, what type of demand is it likely to have?

Elastic

Inelastic

Unit elastic

Perfectly elastic

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