Elasticity in Demand

Elasticity in Demand

11th - 12th Grade

45 Qs

quiz-placeholder

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Elasticity in Demand

Elasticity in Demand

Assessment

Quiz

Other

11th - 12th Grade

Hard

Created by

Patricia White

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45 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Demand is almost always more elastic at higher prices and less elastic at lower prices.

True
False

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Elasticity of demand is greater in the short-run

true
false

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Demand is unit elastic if it is less than 1.0

True
False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Suppose that elasticity of demand of socks is 0.7.  If the price of socks is reduced by 10%, how will sales be effected?

sales will grow by more than 10%
Sales will grow by 10%
Sales will grow by less than 10%
Sales will decrease by 10%

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price on a product goes up the quantity demanded will go down. This follows the economic theory of:

Law of Demand
elasticity
income effect
None of the above

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The formula for calculating elasticity of demand is:

The % change in price over the % change in quantity demanded
The % change in quantity demanded over the % change in price
The change in price over the change in quantity demaned
The change in quantity demanded over the change in price

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The elasticity of demand for tissues is 0.66. This means the demand for tissues is

elastic
unit elastic
inelastic
really expensive

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