Chapter 5

Chapter 5

University

13 Qs

quiz-placeholder

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Chapter 5

Chapter 5

Assessment

Quiz

Other

University

Practice Problem

Hard

Created by

Ella Johnson

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13 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

  1. If a small percentage increase in the price of a good greatly reduces the quantity demanded for that good, the demand for that good is

  1. Price elastic

Price inelastic

Unit price elastic

Income elastic

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The price elasticity of demand is defined as

  1. the percentage change in price of a good divided by the percentage change in the quantity demanded of that good. (% change P / % change Q)

  1. the percentage change in the quantity demanded of a good divided by the percentage change in the price of that good. (% change Q / % change P)

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

  1. In general, a flatter demand curve is more likely to be

Price elastic

Price inelastic

Unit price elastic

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

 In general, a steeper demand curve is more likely to be

Price elastic

Price inelastic

Unit price elastic

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The demand for which of the following is likely to be the most price inelastic?

Ruffles

Lay's

Potato Chips

Pringles

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the cross-price elasticity between iPhones and iPads is negative, iPhones and iPads are likely to be

Substitutes

Complements

Necessities

Luxuries

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If consumers always spend 50 percent of their income on dog food, then the income elasticity of demand for dog food is

0

1.00

1.50

2.00

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