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Frage 1
Frage
Elastic demand is when the percent change in demand is greater than the percent change in price.
Antworten
- True
- False
Frage 2
Frage
Inelastic demand is when the percent change in demand is less than the percent change in price.
Antworten
- True
- False
Frage 3
Frage
What is elasticity?
Antworten
-
The percent change in price over the percent change in quantity
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The responsiveness of one variable to changes in another
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When demand falls and price increases
Frage 4
Frage
Elasticity does not measure the extent to which demand will change.
Antworten
- True
- False
Frage 5
Frage
The general population is NOT sensitive to changes in air ticket prices.
Antworten
- True
- False
Frage 6
Frage
PED makes an inverse relationship between price and demand (if one rises the other falls)
Antworten
- True
- False
Frage 7
Frage
If one gets a PED between 0 and -1, the relationship is elastic
Antworten
- True
- False
Frage 8
Frage
When PED=0, demand is perfectly inelastic.
Antworten
- True
- False
Frage 9
Frage
An elastic demand curve is more vertical in a graph.
Antworten
- True
- False
Frage 10
Frage
Businesses will stop buying air tickets if their prices increase.
Antworten
- True
- False
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