The price elasticity of demand measures the:
Price Elasticity of Demand Intro

Quiz
•
Social Studies
•
University
•
Easy
Bekah Selby
Used 2+ times
FREE Resource
5 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Change in price of a product.
Responsiveness of quantity demanded to price changes.
Change in quantity supplied of a product.
Market share of a product.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A price elasticity of demand greater than 1 (in absolute value) indicates that demand is:
Inelastic
Elastic
Unitary Elastic
Constant
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
If a 10% decrease in price leads to a 20% increase in quantity demanded, the price elasticity of demand is:
-0.5
-1.5
-2
-10
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A price elasticity of demand equal to -1 indicates that demand is:
Inelastic
Unitary Elastic
Elastic
Constant
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which scenario is an example of inelastic demand?
A 20% increase in the price of a luxury car leads to a 25% decrease in quantity demanded.
A 10% increase in the price of water leads to a 5% decrease in quantity demanded.
A 30% decrease in the price of smartphones leads to a 40% increase in quantity demanded.
A 5% increase in the price of movie tickets leads to a 15% decrease in quantity demanded.
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