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4 Written questions

4 Multiple choice questions

  1. measures the response of Qd to a change in consumer income
  2. measures how much Qs responds to a change in P
  3. D curve: vertical
    Consumers' price sensitivity: none
    Elasticity: 0
  4. the number halfway between the start & end values, the average of those values

4 True/False questions

  1. price elasticity of demandmeasures how much Qd responds to a change in P

          

  2. unit elastic demandD curve: relatively steep
    Consumers' price sensitivity: relatively low
    Elasticity: <1

          

  3. determinants of price elasticity-the extent to which close substitutes are available
    -whether the good is a necessity or a luxury
    -how broadly or narrowly the good is defined
    -the time horizon - elasticity is higher in the long run than the short run

          

  4. revenueprice times quantity

          

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