Ready to test your Knowledge?
Try out our new practice tests completely free!
exam preparation banner icon

Microeconomics Study Set 28

Business

Quiz 4 :

Elasticity

Quiz 4 :

Elasticity

search
arrow
If the value of the price elasticity of demand is 0.6,demand is said to be
Free
Multiple Choice
Answer:

Answer:

C

arrow
When the percentage change in quantity demanded is less than the percentage change in price that brought it about,demand is said to be
Free
Multiple Choice
Answer:

Answer:

C

arrow
The table below shows the demand schedule for museum admissions in a small city. img TABLE 4-1 -Refer to Table 4-1.Between the prices of $4 and $6 the price elasticity of demand is
Free
Multiple Choice
Answer:

Answer:

B

arrow
Consider two demand curves and the same price change for both.If the resulting percentage change in quantity demanded is greater for one ( D1)than the other (D2),we can conclude
Multiple Choice
Answer:
arrow
Suppose that the quantity demanded of skipping ropes rises from 1250 to 1750 units when the price falls from $1.25 to $0.75 per unit.The price elasticity of demand for this product is
Multiple Choice
Answer:
arrow
The formula for the price elasticity of demand for a commodity can be written as which of the following?
Multiple Choice
Answer:
arrow
Suppose that the quantity of a good demanded rises from 90 units to 110 units when the price falls from $1.20 to 80 cents per unit.The price elasticity of demand for this product is
Multiple Choice
Answer:
arrow
If household income increases by 50% and desired household expenditure on vacation travel increases by 15%,the price elasticity of demand for vacation travel is
Multiple Choice
Answer:
arrow
Suppose that the quantity of lemonade demanded falls from 103 000 litres per week to 97 000 litres per week as a result of a 10% increase in its price.The price elasticity of demand for lemonade is therefore
Multiple Choice
Answer:
arrow
The table below shows the demand schedule for museum admissions in a small city. img TABLE 4-1 -Refer to Table 4-1.Between the prices of $8 and $10,the elasticity of demand is
Multiple Choice
Answer:
arrow
When the percentage change in quantity demanded is greater than the percentage change in price that brought it about,demand is said to be
Multiple Choice
Answer:
arrow
If the price elasticity of demand for some good is 2.7,a 10% increase in the price results in
Multiple Choice
Answer:
arrow
The price elasticity of demand measures the responsiveness of
Multiple Choice
Answer:
arrow
If the price elasticity of demand is 0.5,then a 10% increase in price results in a
Multiple Choice
Answer:
arrow
Suppose the price elasticity of demand for some good is 1.4.A 10% increase in the price of the good results in
Multiple Choice
Answer:
arrow
The table below shows the demand schedule for museum admissions in a small city. img TABLE 4-1 -Refer to Table 4-1.The elasticity of demand for museum admissions is
Multiple Choice
Answer:
arrow
The table below shows the demand schedule for museum admissions in a small city. img TABLE 4-1 -Refer to Table 4-1.Between the prices of $2 and $4 the price elasticity of demand is
Multiple Choice
Answer:
arrow
A demand curve that is the shape of a rectangular hyperbola
Multiple Choice
Answer:
arrow
If demand is unit elastic at all prices,then the demand curve is
Multiple Choice
Answer:
arrow
The table below shows the demand schedule for museum admissions in a small city. img TABLE 4-1 -Refer to Table 4-1.Between the prices of $8 and $6 the price elasticity of demand is
Multiple Choice
Answer:
Showing 1 - 20 of 130