Factors of PED change

Factors of PED change

11th Grade

9 Qs

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Factors of PED change

Factors of PED change

Assessment

Quiz

Social Studies

11th Grade

Easy

Created by

Cross Swiftfoot

Used 1+ times

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9 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Demand will be price________ if there are only a few substitutes products.

Elastic

Inelastic

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Demand will be price________ if there are a lot of substitutes products.

Elastic

Inelastic

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The longer the period of the shortage, the longer time for the consumer to find the _________

Substitutes products

Another stores

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The cheaper the product, the more likely it be to be price________.

Elastic

Inelastic

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The more expensive the product, the more likely it be to be price________.

Elastic

Inelastic

6.

OPEN ENDED QUESTION

3 mins • 2 pts

Mention examples of 3 products that have only a few substitute products.

Evaluate responses using AI:

OFF

7.

OPEN ENDED QUESTION

3 mins • 2 pts

Mention examples of 3 pricy products that would likely to be price inelastic.

Evaluate responses using AI:

OFF

8.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What does the perfectly inelastic demand curve tell us?

That any changes in price will not cause any changes in the demand

That any changes in demand will not cause any changes in the price

That any changes in supply will not cause any changes in the demand

9.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Infinitely price elastic means ....

At a small change in demand, the price will fall to zero

At a small change in price, the demand will fall to zero

At a small change in supply, the demand will fall to zero