Unit elastic is, if
Principles of Economics (2)

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Hard
Pu Chen
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12 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
e (y) = 1
e (y) > 1
e (y) < 1
e (y) = 0
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Inelastic demand is, if
e (y) = 1
e (y) > 1
e (y) = ∞
e (y) < 1
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Elastic demand is if
e (y) > 1
e (y) = ∞
e (y) < 1
e (y) = 0
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The demand for a good will be more price elastic,
The smaller is the percentage of income spent on it
The higher is its price
The smaller the supply of the good
The more substitutes are available for the good
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A price elasticity of demand of -2 means that a 10% increase in price will result in a :
20% increase in the quantity demanded
20% decrease in the quantity demanded
5% decrease in the quantity demanded
2% decrease in the quantity demanded
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The price of plums falls by 7% and the quantity of plums demanded increases by 6.75%. We conclude that the demand for plums is:
Inelastic
Elastic
Perfectly elastic
Perfectly inelastic
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
When the price of a good increased by 5 per cent, the quantity of it demanded decreased by 10 per cent. The price elasticity of demand is ___, and the rise of price will ________ total revenue.
-2.0, increase
-2.0, decrease
-0.5, decrease
-0.5, increase
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