Elasticity of Demand & Supply
Authored by H Ethan
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9th - 12th Grade
Used 263+ times
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14 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Assume a pizza costs $10. When the price increases to $12, demand falls 10%. What is the own-price elasticity of demand? Note: in economics, elasticity is generally reported as a positive number even when it is negative.
5
.5
2
.2
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The price elasticity of demand measures the responsiveness of _____________.
the quantity demanded of a good to a change in its price
the price of a good to a change in a consumer's income
the price of a good to a change in the quantity demanded
the quantity demanded of a good to a change in a consumer's income
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
If the price elasticity of demand for a product is 2.5 and its price has increased by 3%, we can conclude that the quantity demanded:
Increased by 7.5%
Decreased by 3%
Decreased by 7.5%
Increased by 2.5%
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
For which type of good would you expect the price elasticity of demand to be highest?
Giffen goods
Normal goods
Luxury goods
Inferior goods
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Imagine a good with a small, positive income elasticity of demand. What type of good is it?
Inferior, necessary good
Inferior, luxury good
Normal, necessary good
Normal, luxury good
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A good that is perfectly elastic will have a ___________.
steep demand curve
vertical supply curve
horizontal supply curve
shallow supply curve
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the short term, would you expect a non-durable good's price elasticity of demand to be higher or lower than it is in the long term?
Higher, because there may be psychological impediments to reacting to a change in the short term
Lower, because non-durable goods are more necessary in the long-term than they are in the short-term
Higher, because non-durable goods are more necessary in the short-term than in the long-term
Lower, because consumers are more likely to switch to other substitutes over the long term
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