Global MCQ Practice

🌐 Total MCQ
🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books

Elasticity Of Demand And Supply Quiz 3 (30 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

1. Explain the concept of determinants of elasticity.
2. "The percentage change in quantity demanded divided by the percentage change in price"
3. If the price of a good decreases from $ 9 to $ 6 and the quantity supplied decreases from 1, 500 to 1, 300, at the midpoint between these two prices the elasticity of supply equals
4. A supply curve that is linear and parallel to the quantity axis has a value of elasticity that is .....
5. During the COVID 19 Pandemic we are all experiencing now, and the information campaign from the Center for Disease Control highlighting that bacteria and other organisms cause and spread disease, will the demand curve for soap be more elastic or more inelastic?
6. The cross-price elasticity of demand measures how the quantity demanded of a good is related to the.
7. A mother who buys her son two sets of school uniforms every year regardless of changes in their prices has a perfectly inelastic demand for school uniforms
8. Zero price elasticity of supply means?
9. The price of goods Z increases from RM200 to RM300, the quantity supplied increases from 100 units to 180 units. Find the value of price elasticity of supply for goods Z.
10. How do you calculate income elasticity of demand?
11. When the price of a product increases from $ 35 to $ 45, the quantity supplied increases from 30 units to 40 units per week. Then, at the midpoint between these two prices, the price elasticity of supply is
12. Products that can be used in a place of other products
13. What are the factors that affect cross elasticity of demand?
14. What is income elasticity of demand?
15. If the price elasticity of demand for a good is zero, this means that the goods
16. Describe your demand for a product if you buy the same amount of it or just a small amount less after a large price increase.
17. Suppose a decrease in demand causes the price to decrease from $ 4 to $ 3 and the quantity to decrease from 1, 000 to 700. Then, at the midpoint between these two prices, the elasticity of supply equals
18. The demand for Cheerios cereal is more price-elastic than the demand for cereals as a whole. This is best explained by the fact that:
19. Suppose the current price of barley is $ 7 per bushel and at that price 100, 000 bushels are grown by a Colorado farmer. If the price of barley rises to $ 8 and quantity supplied increases to 130, 000 bushels, then at the midpoint between these two prices, the price elasticity of supply for barley equals
20. After more employers allow employees to telecommute, will the demand curve for cars be more elastic or more inelastic?
21. "The amount of some product that producers are willing and able to sell at a given price, all other factors being held constant"
22. Jess owns a sandwich shop. The price of a sandwich recently increased from $ 5 to $ 7. Jess responded by increasing the quantity of sandwiches she supplied from 70 to 90 per day. Then, at the midpoint between these two prices, Jess's price elasticity of supply is equal to
23. A normal goods can be distinguished from an inferior goods because a normal good has .....
24. If the income elasticity of demand (YED) for a product is positive and greater than 1, it suggests that the product is:
25. Price Elasticity of Supply
26. The amount that consumers spend on a product at a particular price
27. Based on survey, the income elasticity of demand for the iPad Mini is 1.4. This shows the iPad Mini .....
28. The mining boom in created a shortage of labour in the hospitality industry in WA. This made the supply of restaurant meals in WA
29. If the price doubles and the quantity supplied also doubles, the price elasticity of supply for the good is
30. If a price reduction leads to higher total revenue, this situation shows that demand is.
🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books