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Economics - 2

A detailed illustration of economic concepts related to price elasticity of demand, featuring graphs, charts, and examples of elastic and inelastic goods.

Understanding Price Elasticity

Test your knowledge of basic economic concepts related to demand and price elasticity in this engaging quiz! Whether you're a student or just curious about economics, this quiz is designed to challenge your understanding of critical terms and principles.

In this quiz, you will:

Explore key definitions and concepts
Identify types of goods based on income elasticity
Analyze demand responsiveness in various scenarios

6 Questions2 MinutesCreated by AnalyzingData202

Select the correct sentence

The degree of responsiveness of supply to the change in its determinants is called elasticity of demand.

Price elasticity of demand is the percentage change in demand as a result of one per cent change in the price of a substitute commodity.

The closer the substitute, the lower the price elasticity (elastic) of demand for a commodity.

All of the above are incorrect

When the proportion of income spent on a good is minute, its demand is:

Inelastic

Elastic

Neither elastic nor inelastic

Unitary elastic

If consumers need longer to adjust to a new price the demand of that good is:

Highly inelastic

Highly elastic

Somewhat inelastic

Somewhat elastic

What is an 'inferior good'?

A good with a direct substitution effect

A good whose demand isn't effected by consumer income

A good with negative income elasticity

A good which is complementary to another good

The equation "(ey = 1)" shows the elasticity of which type of good?

Essential

Luxury

Inferior

Comfort

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