8329065
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Quiz von Michaela Juric-Donlan, aktualisiert more than 1 year ago
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Erstellt von Michaela Juric-Donlan
vor mehr als 7 Jahre
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Frage 1
Frage
The price elasticity of demand is a measure of
Antworten
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the amount of a product purchased when income increases.
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how much a change in demand affects the equilibrium price.
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he equilibrium price of a product
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buyers' responsiveness to changes in the price of a product
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whether a product is a substitute or a complement.
Frage 2
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The price elasticity of demand calculated as the ________ divided by the ________.
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change in quantity demanded; change in price
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change in price; change in the quantity demanded
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percentage change in the quantity demanded; percentage change in price
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percentage change in the quantity demanded; change in price
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percentage change in price; percentage change in the quantity demanded
Frage 3
Frage
Suppose that a 5% increase in the price of a book resulted in a 2.5% decrease in the quantity demanded of the book. The price elasticity of demand for the book is ________, which can be described as ________.
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2, unit elastic.
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0.5, elastic
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2.5, elastic
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2.5, inelastic
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0.5, inelastic
Frage 4
Frage
If a good has many close substitutes, then its demand is most likely
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Unit Elastic
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Elastic
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Perfectly inelastic
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inelastic
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elastic or inelastic depending on whether the price of the good is increasing or decreasing
Frage 5
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Which of the following is true?
i. The easier it is to find substitutes for a good, the more price elastic the demand for the good is.
ii. The demand for a good is more price elastic the smaller the proportion of income spent on it.
iii. If demand is price elastic, lowering the price leads to a decrease in total revenue.
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Only i
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Only ii
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Only iii
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i and ii
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i and iii
Frage 6
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When we use the midpoint method to compute the price elasticity of demand we use
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The original price and the average quantity
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The original quantity and the average price
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The average price ad the original quantity
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The average price and the average quantity
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Either the original or new price, and the average quantity
Frage 7
Frage
What is measured by the price elasticity of supply?
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The price elasticity of supply measures how responsive producers are to changes in income
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The price elasticity of supply measures how responsive producers are to changes in the price of other goods.
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The price elasticity of supply measures how responsive producers are to changes in the price of a product.
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The price elasticity of supply is a measure of the slope of the supply curve.
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The price elasticity of supply measures how responsive producers are to changes in the cost of producing a product
Frage 8
Frage
If the price elasticity of supply for a good is 10, then supply is
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Elastic
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Perfectly Elastic
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Unit Elastic
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Inelastic
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Perfectly inelastic
Frage 9
Frage
The extent to which the demand for a good changes when the price of a substitute or complement changes, other things remaining the same, is measured as the
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price elasticity of supply
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cross elasticity of demand
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price elasticity of demand
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income elasticity of demand
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cross income elasticity of demand
Frage 10
Frage
The income elasticity of demand is ____________ if the good is ___________ good.
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positive; an inferior
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less than one; an inferior
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positive; a substitute
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negative; a normal
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positive; a normal
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