Price Elasticity of Demand
Authored by Carlon Gittens
Business
11th Grade
Used 1+ times
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50 questions
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1.
DRAG AND DROP QUESTION
30 sec • 1 pt
Price Elasticity of Demand is calculated as the percentage change in quantity demanded divided by the percentage change in (a) .
Supply
Income
Cost
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain the characteristics of mass markets.
They have a narrow customer base
They focus on niche products
They have a wide customer base and standardized products
They are limited to local areas.
3.
DROPDOWN QUESTION
30 sec • 1 pt
Added value refers to (a) .
The cost of production
The selling price
The increase in worth of a product
The decrease in worth of a product
4.
DROPDOWN QUESTION
30 sec • 1 pt
Seasonality affects demand by (a) .
Keeping it constant
Increasing production costs
Decreasing product quality
5.
DRAG AND DROP QUESTION
30 sec • 1 pt
The price elasticity of demand is considered elastic if the value is greater than (a) .
0
-1
10
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the likely impact on demand if the price of a Big Mac increases to £10?
Increase
Decrease
No change
Cannot be determined
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to customer demand when prices go up?
Demand increases
Demand decreases
Demand stays the same
Demand fluctuates.
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