#1
2. If the price of a good increases by 10% and the quantity demanded decreases by 5%, what is the price elasticity of demand?
#2
5. When demand is inelastic, how does a change in price affect total revenue?
#3
9. If the percentage change in quantity demanded is greater than the percentage change in price, the demand is:
#4
14. If the income elasticity of demand for a good is negative, it indicates that the good is:
#5
15. What happens to total revenue when the price of a perfectly elastic good is increased?
#6
20. If the percentage change in quantity demanded is equal to the percentage change in price, the demand is considered:
#7
1. What is the definition of price elasticity of demand?
#8
4. If the cross-price elasticity of demand between two goods is positive, it implies that they are:
#9
7. How is the midpoint formula for price elasticity of demand calculated?
#10
8. Inelastic goods are generally associated with:
#11
12. If the cross-price elasticity of demand between two goods is negative, they are considered:
#12
13. Which of the following is a determinant of price elasticity of demand?
#13
3. Which of the following goods is likely to have a more elastic demand?
#14
6. If the price elasticity of demand is perfectly inelastic, what is the numerical value of elasticity?
#15
10. Which factor does NOT influence the elasticity of demand?
#16
11. The demand for which of the following goods is likely to be more elastic in the short run than in the long run?
#17
16. The concept of cross-price elasticity of demand is most relevant for which type of goods?
#18