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Elasticity and Its Application

Authored by Kudaibergenov Yernar

Financial Education

12th Grade

Used 1+ times

Elasticity and Its Application
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30 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is elasticity?

A measure of how buyers and sellers respond to changes in market conditions

A measure of how supply decreases

A measure of how demand increases

A measure of how the price of a good changes

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following statements is true for elastic demand?

The quantity demanded changes insignificantly with a change in price

The quantity demanded always remains constant

The quantity demanded does not change with a change in price

The quantity demanded changes significantly with a change in price

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What happens to total revenue when the price of a good increases and demand is inelastic?

Total revenue increases

Total revenue decreases

Total revenue fluctuates

Total revenue remains unchanged

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following factors affects the elasticity of demand?

Seasonal changes

Availability of close substitutes

Number of producers

Total quantity of goods in the market

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following goods is likely to have inelastic demand?

Medicines

Luxury cars

Cosmetics

Toys

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the price elasticity of supply?

Measure of how demand for a product changes

Measure of how producers' incomes change

Measure of how the price of a product changes

Measure of how the quantity supplied of a product changes with a change in price

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following statements is true for goods with close substitutes?

Demand for them is always constant

Demand for them does not depend on price

Demand for them is less elastic

Demand for them is more elastic

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