If the price elasticity of demand for a good is -0.8, what happens to total revenue when the price increases?

Economics Quiz

Quiz
•
others
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9th Grade
•
Hard
Katie Pett
Used 1+ times
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12 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Total revenue remains unchanged
Total revenue decreases
Total revenue increases
It depends on the size of the price increase
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which one of the following activities would be included in the tertiary sector of an economy?
Car manufacturing
Fish market
Housebuilding
Insurance
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following correctly states the rewards to land and entrepreneurship?
Rent and profit
Interest and profit
Wages and profit
Wages and rent
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of these is a barrier to entry in opening a clothes shop in a town centre?
Qualifications required by staff
A lack of competition
Brand loyalty to established shops
Inelastic demand for clothes
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If there is excess demand in a market, then
Price will rise to meet demand
Consumers will demand more of the product
Price will fall to reach equilibrium
Producers will continue to supply to the market at the current rate
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The merger between Vodafone and Three has been given the go ahead. This means there are very few providers of mobile networks. This is an example of:
An oligopolistic market
A factor of production
Opportunity cost
An increase in capital goods
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of these is an example of a fixed cost?
Commission paid to workers
Raw materials
Electricity
Rent
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