Economic Concepts and Elasticities Quiz Challenge yourself with questions on perfectly elastic demand, price elasticity, cross-price elasticity, and more in this quiz on economic concepts and elasticities.
#1
Insulin medication
Gasoline
Diamonds
Salt
#2
Demand is elastic
Demand is inelastic
Demand is perfectly elastic
Demand is perfectly inelastic
#3
Availability of substitutes
Income level of consumers
Necessity of the good
Brand loyalty
#4
A large number of substitutes available
The good is a luxury item
The good is a basic necessity
Consumers are highly price-sensitive
#5
Complements
Substitutes
Unrelated
Inferior goods
#6
Availability of complementary goods
Consumer preferences
Market size
All of the above
#7
Supply is elastic
Supply is inelastic
Supply is perfectly elastic
Supply is perfectly inelastic
#8
Percentage change in quantity demanded / Percentage change in price
Percentage change in price / Percentage change in quantity demanded
Total revenue / Quantity demanded
Quantity demanded / Total revenue
#9
Positive infinity
Negative infinity
Zero
One
#10
Gasoline during an oil crisis
Generic brand cereal
Designer clothing
Fresh vegetables
#11
The good is a normal good
The good is an inferior good
The good has no relationship with income
The good is a luxury good
#12
Apples in a mature orchard
Handcrafted artisanal products
Digital music downloads
Generic pharmaceutical drugs
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