The price elasticity of demand is a measure of Question 1 options: the demand for a product
Question:
The price elasticity of demand is a measure of
Question 1 options:
the demand for a product holding prices constant. | |
the responsiveness of the quantity demanded of a good to a changes in the price of the good. | |
the horizontal shift in the demand curve when the price of a good changes. | |
the quantity demanded of a good at a given price. |
The price elasticity of demand is the
Question 2 options:
percentage change in price divided by the percentage change in quantity demanded. | |
change in price divided by the change in quantity demanded. | |
change in quantity demanded divided by the change in price. | |
percentage change in quantity demanded divided by the percentage change in price. |
When demand is elastic,
Question 3 options:
quantity demanded is not very responsive to a change in price. | |
quantity demanded is very responsive to a change in price. | |
the proportional change in quantity demanded is equal to the proportional change in price. | |
producers react quickly to price changes. |
When demand is inelastic,
Question 4 options:
the proportional change in quantity demanded is equal to the proportional change in price. | |
quantity demanded is not very responsive to a change in price. | |
producers react quickly to price changes. | |
quantity demanded is very responsive to a change in price. |
When very few substitutes for good exist, demand will be
Question 6 options:
inelastic. | |
elastic. | |
perfectly elastic. | |
unit-elastic. |