
Price Elasticity of Demand Quiz

Quiz
•
Social Studies
•
11th Grade
•
Medium
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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