Price Elasticity of Demand Quiz

Price Elasticity of Demand Quiz

Professional Development

51 Qs

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Price Elasticity of Demand Quiz

Price Elasticity of Demand Quiz

Assessment

Quiz

Business

Professional Development

Practice Problem

Medium

Created by

Trần Thị Mai Sau

Used 2+ times

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51 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is price elasticity of demand?

The responsiveness of demand to changes in income

The responsiveness of demand to price changes

The responsiveness of supply to price changes

The slope of the demand curve

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Price elasticity of demand is typically...

Positive

Negative

Zero

Undefined

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What formula is used to calculate price elasticity of demand?

% change in quantity demanded / % change in price

% change in price / % change in quantity demanded

Total revenue / price

Price / quantity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When using the midpoint method, the denominator is the...

New price and quantity

Average of old and new price and quantity

Only the old price and quantity

Percentage change in revenue

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the price of a good rises from $10 to $15 and quantity falls from 100 to 80 units, what is the elasticity (midpoint method)?

0.2

0.5

0.9

1.2

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If PED > 1, demand is:

Inelastic

Unit elastic

Elastic

Perfectly elastic

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If PED = 1, demand is:

Inelastic

Unit elastic

Elastic

Perfectly elastic

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