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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define price elasticity of demand.
💡 Hint: Think about how demand changes when price changes.
Question 2
Easy
Are necessities likely to have elastic or inelastic demand? Why?
💡 Hint: Consider whether people can live without these goods.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What does price elasticity of demand measure?
- A) Consumer's income response to demand
- B) Changes in supply
- C) Changes in quantity demanded in response to price changes
💡 Hint: Focus on the relationship between price and demand.
Question 2
True or False: If a good is a necessity, its demand is generally elastic.
- True
- False
💡 Hint: Consider what happens when prices of essential items rise.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Discuss the implications if a new substitute is introduced for a luxury good. How would it affect the elasticity of demand for that luxury good?
💡 Hint: Think about consumer behavior when faced with options.
Question 2
Evaluate a situation where a necessity good's price drastically increases. Analyze consumer responses and demand elasticity.
💡 Hint: Consider what essential items you couldn’t live without.
Challenge and get performance evaluation