Price Elasticity of Demand Quiz

Price Elasticity of Demand Quiz

11th Grade

20 Qs

quiz-placeholder

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Price Elasticity of Demand Quiz

Price Elasticity of Demand Quiz

Assessment

Quiz

Social Studies

11th Grade

Medium

Created by

Cavin Dennis Tito Siregar

Used 1+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does PED measure?

Change in supply with price

Change in revenue with output

Responsiveness of demand to income changes

Responsiveness of quantity demanded to price changes

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If PED > 1, demand is:

Unitary elastic

Elastic

Inelastic

Perfectly inelastic

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If PED < 1, demand is considered:

Elastic

Perfectly elastic

Unitary elastic

Inelastic

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a firm raises price and total revenue increases, demand must be:

Elastic

Unitary

Inelastic

Perfectly elastic

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a firm lowers price and total revenue increases, demand is:

Elastic

Inelastic

Unitary

Perfectly inelastic

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Total Revenue (TR) is calculated as:

Price + Quantity

Cost × Quantity

Price - Cost

Price × Quantity

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When PED = 1, what happens to total revenue if price changes?

TR increases

TR decreases

TR stays the same

TR becomes zero

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