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Quiz 10-Eco g10

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Quiz 10-Eco g10

sumayyah June 18, 2024

Price elasticity of demand

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Question 1 of 4
1. Question
What is price elasticity of demand?
- A. A measure of the extent to which price changes when quantity demanded changes
- B. A measure of the extent to quantity demanded changes when price changes
- C. A measure of the extent to total revenue changes when price changes
- D. A measure of the extent to which price changes when total revenue changes
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Question 2 of 4
2. Question
The price of guided tour holidays to India increased by 10% in 2024 and the quantity demanded decreased by 4%.
Which is true?
- A. The price elasticity of demand is 2.5 and elastic
- B. The price elasticity of demand is 2.5 and inelastic
- C. The price elasticity of demand is 0.4 and elastic
- D. The price elasticity of demand is 0.4 and inelastic
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Question 3 of 4
3. Question
Which characteristics is least likely to make the demand for a product inelastic?
- A. It has close substitutes
- B. It is a habit forming
- C. It is a necessity
- D. It is relatively cheap
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Question 4 of 4
4. Question
Demand for a product is inelastic. What effect will a fall in price have?
- A. Demand will not change
- B. Demand will change by a greater percentage
- C. Total revenue will fall
- D. Total revenue will rise
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Quiz 10-Eco g10

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