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Chapter 4-3: Elasticity of Demand
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by Patrick Hennes
| 13 Questions
1
1 pt
If something is elastic then it is: (may choose more than one)
stretchy
flexible
tight
unresponsive
2
1 pt
Which of the following demonstrates the general characteristic of being "inelastic"?
rubber bands
trampolines
aluminum
gum
3
1 pt
Define "elasticity of demand" in your own words:
4
1 pt
If your demand for a good/service is inelastic then a large change in ____________ will lead to a ____________ change in
5
1 pt
For which of the following goods/services would your demand most likely be inelastic?
gas
movies
Jimmy Johns
frozen pizza
6
1 pt
If demand for a good/service is unitary elastic then any % change in price will result in a(n) _______________ % change in quantity demanded.
7
1 pt
If there are few or no substitutes of a good/service available then your demand is most likely to be ____________________ .
8
1 pt
Your demand for "luxury goods" (things that you can easily live without) is most likely to be _____________ .
9
1 pt
The principle of "change over time" refers to the fact that demand for products that might be considered necessities (e.g., gasoline), although ____________ in the short term may become more ____________ in the long term as people pursue substitutes.
10
1 pt
Demand for prescription drugs, especially those considered to be life-saving, is likely to be
highly elastic
relatively (somewhat) elastic
relatively (somewhat) inelastic
D
11
1 pt
Demand for any one particular brand of cereal (Frosted Flakes/Lucky Charms/Raisin Bran/etc.) is likely to be
highly elastic
relatively (somewhat) elastic
relatively (somewhat) inelastic
highly inelastic
12
1 pt
If the demand for the product of a particular company is highly elastic then they will most likely experience a(n) __________________ in Total Revenue in response to an increase in price.
13
1 pt
The manufacturer of a prescription drug has a 10 year patent on production and sales of the life-saving medication (i.e., no competition). In response to an increase in price their Total Revenue will likely
increase.
decrease.
remain about the same.
D
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