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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What does elastic demand mean?
💡 Hint: Think of a rubber band.
Question 2
Easy
Provide an example of a product that may have inelastic demand.
💡 Hint: Consider what you must buy regardless of price.
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 is the primary focus of elasticity of demand?
- How demand affects prices
- How quantity demanded responds to price changes
- How supply is affected by demand
💡 Hint: Think about what elasticity measures.
Question 2
True or False: Elastic demand means a small change in price results in little change in quantity demanded.
- True
- False
💡 Hint: Recall the definition of elastic demand.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A new smartphone is introduced at a high price. After a month, sales are low. Evaluate whether the smartphone has elastic or inelastic demand and suggest pricing strategies.
💡 Hint: Think about typical consumer reactions to high-priced tech.
Question 2
Analyze a situation where the government enforces a tax on cigarettes, which are often considered inelastic. What impact would this have on demand?
💡 Hint: Consider listeners' addictions and habits.
Challenge and get performance evaluation