
Demand Elasticity Concepts and Applications

Interactive Video
•
Economics, Business, Social Studies
•
10th - 12th Grade
•
Medium

Ethan Morris
Used 2+ times
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the quantity demanded when the price of a good increases?
It increases.
It decreases.
It remains the same.
It fluctuates randomly.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of demand curve shows a large change in quantity demanded with a small change in price?
Horizontal demand curve
Inelastic demand curve
Vertical demand curve
Elastic demand curve
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a demand curve is more vertical, it is considered to be:
Unit elastic
More elastic
Less elastic
Perfectly elastic
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the key determinant of how elastic a demand curve is?
The production cost
The marketing strategy
The availability of substitutes
The price of the good
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does a longer time horizon affect the elasticity of demand?
It has no effect on elasticity.
It makes the demand perfectly inelastic.
It makes the demand less elastic.
It makes the demand more elastic.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which classification of a product is likely to have more elastic demand?
A luxury item
A specific category
A broad category
A necessity
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does the perception of a good as a necessity affect its demand elasticity?
It has no effect on elasticity.
It makes the demand less elastic.
It makes the demand perfectly elastic.
It makes the demand more elastic.
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