Elasticity of Demand and Costs of Production

Demand that doesn't change significantly when prices change is ____.

• Elastic

• Volatile

• Reactive

• Inelastic

Tags

(A) 2.A

Demand that changes significantly when prices change is ____.

• Inelastic

• Variable

• Volatile

• Elastic

Tags

(A) 2.A

The term ______ describes how responsive consumers are to price changes.

• Supply and demand

• Price elasticity

• Elasticity of demand

• Consumer surplus

Tags

(A) 2.A

Which of the following has more inelastic demand?

• 
• 
• 
• 

Which of the following has more elastic demand?

• 
• 
• 
• 

Which of the following has more elastic demand?

• 
• 
• 
• 

Which of the following has more elastic demand?

• 
• 
• 
• 

Which of the following has more inelastic demand?

• 
• 
• 
• 

Based on the demand curve for good X, it can be determined that good x has:

• Many substitutes
• A few substitutes
• No substitutes
• Only one substitute

Susan's Shellfish Shack increased the price of their shrimp sandwiches by 10%, and her total revenue increased 20%, percent.

Based on this information, what can we conclude about shrimp sandwiches?

• Consumers consider shrimp sandwiches luxuries.

• Consumers consider shrimp sandwiches necessities.

• Consumers have an infinite elasticity of demand for shrimp sandwiches.

• Consumers have a unit elastic demand for shrimp sandwiches.

• Consumers think shrimp sandwiches and crab sandwiches are substitutes.