A short quiz on Price Elasticity of Demand for a high school Economics class.
Elastic.
Inelastic.
Strong.
Normal.
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.
Inelastic.
Unitary elastic.
Elastic.
Irrelevant.
Fresh lobster
HD flat panel tv sets
Laptop computers
Life-saving medicine
Elastic.
Inelastic.
Unitary.
None of these.
Elastic.
Inelastic.
Unitary.
None of these.
Elastic.
Inelastic.
Unitary.
None of these.
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.
More straight up and down.
Flatter.
Backward bending.
Finding equilibrium faster.
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.
Elastic
Inelastic
Unitary
None of these.