Price Elasticity of Demand Intro

Price Elasticity of Demand Intro

University

5 Qs

quiz-placeholder

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Price Elasticity of Demand Intro

Price Elasticity of Demand Intro

Assessment

Quiz

Social Studies

University

Easy

Created by

Bekah Selby

Used 2+ times

FREE Resource

5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. The price elasticity of demand measures the:

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

  1. 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

  1. 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

  1. 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

  1. 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.