12th Grade Price Elasticity Quizzes, Questions & Answers

12th Grade

Top Trending Price Elasticity Quizzes

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'...

Questions: 10 | Attempts: 6233 | Last updated: Jul 23, 2025

Sample Question 1
If you slow down buying because of a price increase, your demand is

Elastic

Inelastic

Strong

Normal

Sample Question 2
If you spend a very small proportion of your income on a product, then

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.

Microeconomics Quiz: Elasticity & Its Application

Microeconomics Quiz: Elasticity & Its Application. Demand and supply are what holds a market, and elasticity is the measure through which variable changes as a result of another variable. Demand can either be elastic or...

Questions: 26 | Attempts: 9422 | Last updated: Sep 1, 2025

Sample Question 1
If the quantity demanded of a good is sensitive to a change in the price of that good, demand is said to be price inelastic.

True

False

Sample Question 2
Using the mipoint method to calculate elasticity, if an increase in the price of pencils from 10 cents to 20 cents reduces the quantity demanded from 1,000 pencils to 500 pencils, then the demand for pencils is unit price elastic.

True

False