Introduction to Price Elasticity of Demand
8th Grade - University
•12 Qs
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Introduction to Price Elasticity of Demand
Quiz
•
Business, Other
•
8th Grade - University
•
Practice Problem
•
Medium
Kerwin Alexander
Used 87+ times
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12 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following is not one of the types of elasticity we are going to cover in this course?
Price elasticity of demand
Income elasticity of demand
Cross elasticity of demand
Business elasticity of demand
Price elasticity of supply
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
A measure of how much the quantity demanded changes in response to a change in price of that good
Price elasticity of demand
Income elasticity of demand
Cross elasticity of demand
Business elasticity of demand
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
A measure of how much buyers and sellers respond to changes in market conditions.
PED
Elasticity
Change in demand
Change in quantity demanded
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What does this symbol mean in Economics (and maths)
Sum
Variable
Change
Delta
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
How would you describe this shopper's behaviour?
Stable
Elastic
Inelastic
Cheap
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
How would you describe this shopper's behaviour?
Wealthy
Elastic
Inelastic
Cheap
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What would most likely be the behaviour of someone who shops for butter?
Wealthy
Elastic
Inelastic
Cheap
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