Total Revenue and Demand Quiz

Total Revenue and Demand Quiz

10th Grade

10 Qs

quiz-placeholder

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Total Revenue and Demand Quiz

Total Revenue and Demand Quiz

Assessment

Quiz

Other

10th Grade

Medium

Created by

Nala R

Used 1+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to total revenue when the price of a product with elastic demand decreases?

Total revenue increases

Total revenue decreases

Total revenue remains the same

Total revenue first decreases, then increases

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When demand is inelastic, increasing the price of a product will likely result in:

A decrease in total revenue

No change in total revenue

An increase in total revenue

A proportional change in total revenue

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a company lowers the price of its product and notices a significant rise in total revenue, the demand for this product is likely to be:

Perfectly inelastic

Elastic

Inelastic

Unitary elastic

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens to total revenue if the price of a product increases in a market where demand is elastic?

Total revenue increases

Total revenue decreases

Total revenue remains unchanged

Total revenue depends on supply

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the case of unitary elastic demand, how does a price change affect total revenue?

Total revenue increases

Total revenue decreases

Total revenue remains unchanged

Total revenue fluctuates

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is true about the total revenue test?

If demand is elastic, total revenue and price move in the same direction.

If demand is inelastic, total revenue and price move in opposite directions.

If demand is unitary elastic, total revenue remains constant regardless of price changes.

If demand is inelastic, total revenue decreases as price increases.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When demand is perfectly inelastic, what happens to total revenue if price increases?

Total revenue decreases

Total revenue remains the same

Total revenue increases

Total revenue becomes zero

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