Demand is almost always more elastic at higher prices and less elastic at lower prices. True or False?
Elasticity Exit Ticket

Flashcard
•
Social Studies
•
11th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
True
2.
FLASHCARD QUESTION
Front
Demand is unit elastic if it is less than 1.0
Back
False
3.
FLASHCARD QUESTION
Front
The formula for calculating elasticity of demand is:
Back
The % change in quantity demanded over the % change in price
4.
FLASHCARD QUESTION
Front
Which of the following is not a determinant of demand elasticity? Availability of substitutes, share of consumer's budget spent on good, duration of adjustment period, government spending
Back
government spending
5.
FLASHCARD QUESTION
Front
If the price on a product goes up the quantity demanded will go down. This follows the economic theory of: Law of Demand, elasticity, Ceteris Paribus, Both A and C
Back
Both A and C
6.
FLASHCARD QUESTION
Front
What does it mean? Ed = 0
Back
Perfectly inelastic demand
7.
FLASHCARD QUESTION
Front
What does it mean? Ed = 1
Back
Unitarily elastic demand
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