# Elasticity Quizzes, Questions & Answers

In economics, elasticity is how we measure how much one thing reacts to changes in another. It considers how the price of something affects factors such as how many goods will sell, how price changes affect the sales of other goods, and how people react to scarcity and other changes in the market.

Did you know that companies use elasticity to help determine price points? Did you know that economists measure elasticity to help understand how tax rates affect the economy? In 1970, two economists led a major study on elasticity. Can you name them? Did you guess Hendrik S. Houthakker and Lester D. Taylor? If so, you’re on the right track! Check out how you score on this and other quizzes to see if you’re an expert.

## Top Trending Quizzes

Questions: 11  |  Attempts: 4073   |  Last updated: Mar 22, 2023
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When quantity demanded falls more than proportionally in response to a price increase then demand is

Questions: 43  |  Attempts: 625   |  Last updated: Mar 21, 2023
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A book weighs 6 N. When held at rest above your head the net force on the book is

This qiuz is dessigned to help students understand the basic concept of elasticity and cross elasticity which are part of the concept of micro economics. We were given this assignment for our economics class, taught by Mr. A.

Questions: 18  |  Attempts: 211   |  Last updated: Mar 20, 2023
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Why did the chicken cross the road?

You will need the graph from class to answer some of the following questions. if the question asks for a number (dollar or quantity, just input the number without any dollar signs--> ex: \$30 would be inputed 30)

Questions: 20  |  Attempts: 377   |  Last updated: Mar 22, 2023
• Sample Question
The elasticity of demand measures the responsiveness of: A. Demand to price changeB. Quantity demanded to price changeC. Shifts in demand when price changesD. Changes in total expenditures when total revenues changeE. Changes in total revenues when total expenditures change

Questions: 5  |  Attempts: 140   |  Last updated: May 13, 2024
• Sample Question
1 + 1 = . .?