Do you know about the price elasticity of demand? Try out this price elasticity of demand quiz to check your knowledge and see how updated you are. Basically, price elasticity is the measurement of changes in users' consumption due to the price change of a product. This quiz will help you check your knowledge as well as practice new things. If you think you can ace, go for it. All the best! If you find the quiz informative, share it with others also.
Elastic
Inelastic
Unitary
None of these
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Elastic
Inelastic
Strong
Normal
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Elastic
Inelastic
Unitary
None of these
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It defies the laws of supply and demand
It acts like the demand for any luxury good
It is extremely inelastic
there is a lot of competition
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The amount of profit a company makes
The amount of profit a company makes after paying taxes
The total amount of money a company takes in for selling its goods
The amount of money affected by price elasticity
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The demand for that product will tend to be price elastic.
The demand for that product will tend to be price inelastic.
You will wait for a sale before you buy the item.
You will stop buying it if the prices rises even a little.
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Elastic
Inelastic
Unitary
None of these
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Inelastic
Unitary elastic
Elastic
Irrelevant
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More straight up and down
Flatter
Backward bending
Finding equilibrium faster
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