If the price elasticity of demand for a good is greater than one in absolute value, economists characterize that demand as
Topic 2 - Part 1 - 2129

Quiz
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Social Studies
•
University
•
Medium

Phuong Vu
Used 2+ times
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6 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
elastic
inelastic
perfect
vertical
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
If demand is inelastic
then a 1% increase in price leads to a fall in quantity of greater than 1%.
then a 1% increase in price leads to a fall in quantity of less than 1%.
then a 1% increase in price leads to a fall in quantity of 1%
then a 1% increase in price leads to a rise in quantity of less than 1%
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The cross price elasticity of demand between two goods will be negative if
the two goods are complements
the two goods are substitutes
the two gods are luxuries
One of the good is luxury and the other is a necessity
4.
FILL IN THE BLANK QUESTION
1 min • 1 pt
If the demand curve for slides of pizza is given as Q=300-16p, then the point elasticity of demand when price is $1.5 is:
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The consumer is in equilibrium when
MRT=MRS
The budget line is tangent to the indifference curve at the bundle chosen.
All of the answers are correct.
6.
FILL IN THE BLANK QUESTION
1 min • 1 pt
Suppose a consumer with an income of $100 is faced with Px = $1 and Py = $0.50. What is the market rate of substitution between good X (horizontal axis) and good Y (vertical axis)?
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