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