Elasticity of Demand & Supply

Elasticity of Demand & Supply

9th - 12th Grade

14 Qs

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Elasticity of Demand & Supply

Elasticity of Demand & Supply

Assessment

Quiz

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9th - 12th Grade

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H Ethan

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14 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Assume a pizza costs $10. When the price increases to $12, demand falls 10%. What is the own-price elasticity of demand? Note: in economics, elasticity is generally reported as a positive number even when it is negative.

5

.5

2

.2

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The price elasticity of demand measures the responsiveness of _____________.

the quantity demanded of a good to a change in its price

the price of a good to a change in a consumer's income

the price of a good to a change in the quantity demanded

the quantity demanded of a good to a change in a consumer's income

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If the price elasticity of demand for a product is 2.5 and its price has increased by 3%, we can conclude that the quantity demanded:

Increased by 7.5%

Decreased by 3%

Decreased by 7.5%

Increased by 2.5%

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

For which type of good would you expect the price elasticity of demand to be highest?

Giffen goods

Normal goods

Luxury goods

Inferior goods

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Imagine a good with a small, positive income elasticity of demand. What type of good is it?

Inferior, necessary good

Inferior, luxury good

Normal, necessary good

Normal, luxury good

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A good that is perfectly elastic will have a ___________.

steep demand curve

vertical supply curve

horizontal supply curve

shallow supply curve

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the short term, would you expect a non-durable good's price elasticity of demand to be higher or lower than it is in the long term?

Higher, because there may be psychological impediments to reacting to a change in the short term

Lower, because non-durable goods are more necessary in the long-term than they are in the short-term

Higher, because non-durable goods are more necessary in the short-term than in the long-term

Lower, because consumers are more likely to switch to other substitutes over the long term

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