Elasticity Analysis in Consumer Behavior Quiz Test your knowledge on elasticity in consumer behavior with 11 insightful questions covering price elasticity, income elasticity, cross-price elasticity, and more!
#1
The change in quantity demanded in response to a change in price
The total revenue generated by a product
The average consumer's income level
The number of substitutes available for a product
#2
A large change in price leads to a small change in quantity demanded
A small change in price leads to a large change in quantity demanded
Price and quantity demanded change in opposite directions
Price and quantity demanded change proportionately
#3
Inelastic demand
Unitary elastic demand
Elastic demand
Perfectly elastic demand
#4
The goods are complements
The goods are substitutes
There is no relationship between the goods
Both goods are inferior
#5
Availability of substitutes
Necessity of the good
Income level of consumers
Time horizon
#6
Perfectly inelastic
Inelastic
Unitary elastic
Elastic
#7
Change in quantity demanded / Change in price
Change in price / Change in quantity demanded
Percentage change in quantity demanded / Percentage change in price
Percentage change in price / Percentage change in quantity demanded
#8
0
1
Infinity (∞)
Between 0 and 1
#9
Demand is perfectly elastic
Demand is inelastic
Demand is elastic
Demand is unitary elastic
#10
Normal good
Inferior good
Giffen good
Veblen good
#11
The price elasticity of demand is greater than infinity
The demand curve is horizontal
The demand curve is vertical
The price elasticity of demand is equal to 1
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