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Elasticity Of Demand Quiz 9 (25 MCQs)

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1. A good that is perfectly elastic will have a _____
2. A negative sign in price elasticity of demand indicates that the two products are
3. A steel mill raise the price of steel by 5 percent, which results in a 4 percent reduction in the quantity of steel demanded. The demand curve facing this firm is
4. In discussions of economic elasticity, what does ceteris paribus mean?
5. Cars on the short run, are elastic because
6. What is the % change in quantity demanded if the YED of the product is 2.7 and the % change in income is 12%
7. Which of these would most likely increase the supply of soccer balls?
8. The PED for a good is defined as the degree of responsiveness of quantity demanded to a
9. The percentage change in quantity supplied divided by the percentage change in price is a rough measure of a good's:
10. The price of durians falls by 5% and quantity demanded increase by 6%. This means that the demand for durians is _____
11. If average income rises from £18, 000 per year to £22, 000 per year and annual petrol consumption per household rises from 1000 to 1500 gallons, the income elasticity of demand for gas is:
12. A consumer buys 50 units of a good at Rs 4 per unit. When its price falls by 25% its demand rises to Rs 100 units. Find out the elasticity of demand.
13. For which of the following products do you have to most careful about putting up the price.
14. What will happen during a recession?
15. The demand for used cars will _____, if the price of new cars goes up.
16. PED of Good A is the degree of responsiveness of quantity demanded to a change in _____
17. What makes an item more elastic-is when there are these available.
18. If consumers have an urgent need for a product, then
19. If elasticity of demand is > than elasticity of supply
20. Alyssa's Floral Shoppe dropped its prices for a dozen roses from £50 to £40 this year. Because of this decrease in price, the quantity sold increased from 1000 to 1500. The price elasticity of demand for Alyssa's roses is:
21. The demand for Ice cream cones from a van was fairly inelastic but it has just started to become more elastic then it was. What time of year is it?
22. If elasticity of supply is infinite
23. If a fall in the price of good A increases the quantity demanded of good B,
24. How is price elasticity of demand measured?
25. Elasticity of demand measures the responsiveness of _____
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