
Understanding Elasticity and Total Revenue

Interactive Video
•
Mathematics, Business, Economics
•
10th - 12th Grade
•
Hard

Olivia Brooks
FREE Resource
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the quantity demanded when the price of a product with inelastic demand increases?
It increases significantly.
It decreases slightly.
It remains unchanged.
It decreases significantly.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why do products with inelastic demand have few substitutes?
They are non-essential.
They are easily replaceable.
They are luxury items.
They are necessities.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is the elasticity of demand coefficient calculated?
Absolute change in price divided by absolute change in quantity.
Percent change in quantity divided by percent change in price.
Absolute change in quantity divided by absolute change in price.
Percent change in price divided by percent change in quantity.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does it mean if a product has an elasticity coefficient greater than one?
The product is perfectly inelastic.
The product is inelastic.
The product is unit elastic.
The product is elastic.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the elasticity coefficient of a perfectly inelastic demand curve?
Greater than one
One
Infinite
Zero
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the total revenue test, what happens to total revenue when the price increases for a product with inelastic demand?
Total revenue decreases.
Total revenue remains the same.
Total revenue increases.
Total revenue fluctuates.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why do products with elastic demand often have sales?
To maintain total revenue.
To increase total revenue.
To stabilize the market.
To decrease total revenue.
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