Have an account?
Skip to Content
Build your own quiz
Suggestions for you
.png)
Business, Other
8th -
University
Introduction to Price Elasticity of Demand
12 questions
Show Answers
See Preview
- 1. Multiple Choice
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
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
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
What does this symbol mean in Economics (and maths)
Sum
Variable
Change
Delta
- 5. Multiple Choice
How would you describe this shopper's behaviour?
Stable
Elastic
Inelastic
Cheap
- 6. Multiple Choice
How would you describe this shopper's behaviour?
Wealthy
Elastic
Inelastic
Cheap
- 7. Multiple Choice
What would most likely be the behaviour of someone who shops for butter?
Wealthy
Elastic
Inelastic
Cheap
- 8. Multiple Choice
Chryssa notices the price of butter has increase and substitutes it by purchasing margarine instead. Chryssa's demand is:
Weird
Elastic
Inelastic
Non-responsive
- 9. Multiple Choice
Regina has diabetes and notices the price of insulin has increase by 100%. Her demand for insulin is most likely:
Weird
Elastic
Inelastic
Non-responsive
- 10. Multiple Choice
The price of rubber bands have increased from 5₵ to 10₵. Demand would most likely be:
Weird
Elastic
Inelastic
Non-responsive
- 11. Multiple Choice
The price of salt has deceased from $5 to 10₵ per pack. Demand would most likely be:
Weird
Elastic
Inelastic
Non-responsive
- 12. Multiple Choice
Goods with many substitutes tend to have PED that are:
Switchable
Elastic
Inelastic
Non-responsive
- Answer choicesTagsAnswer choicesTags