Professional Courses
Industry-relevant training in Business, Technology, and Design to help professionals and graduates upskill for real-world careers.
Categories
Interactive Games
Fun, engaging games to boost memory, math fluency, typing speed, and English skills—perfect for learners of all ages.
Typing
Memory
Math
English Adventures
Knowledge
Enroll to start learning
You’ve not yet enrolled in this course. Please enroll for free to listen to audio lessons, classroom podcasts and take practice test.
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