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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What does it mean when demand is elastic?
💡 Hint: Think about luxury items.
Question 2
Easy
What is the definition of price elasticity of demand?
💡 Hint: Focus on quantity and price relationship.
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
When demand is elastic, a price decrease will likely result in a ____ in total revenue.
- Decrease
- Increase
- No change
💡 Hint: Think about how consumers respond to price cuts.
Question 2
If the price elasticity of supply is greater than 1, supply is considered:
- True
- False
💡 Hint: Consider how quickly suppliers can react.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Consider a product with a PED of 0.3. If the price rises by 10%, what will happen to the quantity demanded?
💡 Hint: Use the formula for calculating change.
Question 2
A government imposes a tax on a highly elastic good. Discuss the implications of this policy.
💡 Hint: Think about consumer behavior and market dynamics.
Challenge and get performance evaluation