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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define elastic demand.
💡 Hint: Think about products people can easily substitute.
Question 2
Easy
What is inelastic demand?
💡 Hint: Consider essential 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 characterizes elastic demand?
- A small price change has a large effect.
- Price change has no effect.
- High need for the product.
💡 Hint: Think about luxury vs. necessity.
Question 2
True or False: Inelastic demand is mostly associated with luxury goods.
- True
- False
💡 Hint: Consider basic versus luxury items.
Solve 2 more questions and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Assuming the price of soda increases by 50%, and the quantity demanded falls by 80%. Is the demand for soda elastic or inelastic? Explain your reasoning.
💡 Hint: Calculate the responsiveness.
Question 2
You run a bakery that sells loafs of bread. If the price increases by 10% and the quantity demanded decreases by only 2%, how would you classify the demand for bread?
💡 Hint: Think about necessities and how they respond to price changes.
Challenge and get performance evaluation