Microeconomics Study Set 10
Quiz 4: Elasticity
If the Quantity Effect Outweighs the Price Effect of a Price
If the quantity effect outweighs the price effect of a price increase,then demand is: A) elastic. B) inelastic. C) unit elastic. D) normal.
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Elasticity along a demand curve: A) is constant if the demand curve is linear. B) changes only when the demand curve is bowed out. C) changes when the demand curve is linear. D) changes only when the demand curve is bowed in.
Demand tends to be more elastic when: A) price is high and more inelastic when price is low. B) price is low and more inelastic when price is high. C) demand is perfectly inelastic. D) the quantity demanded is larger.
A linear demand curve: A) has a constant elasticity. B) will be more elastic when price is low and more inelastic when price is high. C) must be either perfectly inelastic or perfectly elastic. D) has a constant slope.
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