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Score
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15
×
A good is said to have elastic demand if_________
All answers are incorrect
There are no available substitutes
the good is not a necessity
The product's cost represents a small portion of consumer's income
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15
×
A product is considered ------------- if its price elasticity of demand is equal to infinity.
Perfectly inelastic
Perfectly elastic
Relatively inelastic
Relatively elastic
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15
×
Essential items with a few substitutes are expected to have relatively elastic demand.
True
False
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15
×
A productâs QD is very sensitive to changes in its price, then this product is said to have a perfect inelastic demand.
True
False
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baam
Lose 10 points!
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fairy
Take points!
5
10
15
20
25
×
shark
Other team loses 10 points!
Okay!
×
banana
Go to last place!
Oops!
15
×
If a product costs around 3% of consumersâ income, then this product has elastic demand.
True
False
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lifesaver
Give 25 points!
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×
gift
Win 15 points!
Okay!
×
gift
Win 20 points!
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×
banana
Go to last place!
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15
×
A good is said to have elastic demand if -------------
There are available substitutes
The product's price represents a small portion of consumer's income
The good is a necessity
All answers are correct
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15
×
A good is said to have elastic demand if__________
There are no available substitutes
The product's cost represents a large portion of consumer's income
All the answers are correct
The good is a necessity
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15
×
Calculate the % change in price of product J, where in 2020 price was 101 EGP while in 2021 price reached 65 EGP.
Decrease by 53.85%
Decrease of 24.4%
Decrease of 48.65%
Decrease of 61.82%
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15
×
If cross elasticity is -ve this means that ------------
The two products are unrelated
All the answers are incorrect
The two products complement each other
The two products are substitutes
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banana
Go to last place!
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star
Double points!
Okay!
×
fairy
Take points!
5
10
15
20
25
×
baam
Lose 15 points!
Oops!
15
×
A good is said to have inelastic demand if __________
The good is not a necessity
the product's cost represents a large portion of consumer's income
All the answers are correct
There are no available substitutes
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15
×
If a product costs around 60% of consumersâ income, then this product has elastic demand, Ceteris Paribus.
True
False
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15
×
A good is said to have elastic demand if ____________
There are available substitutes
All the answers are correct
The product's cost represents a large portion of consumers' income
The good is not a necessity
Oops!
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15
×
Crude oil demand increased from 91 million to 96.5 million barrels, while price hiked from 39.68$ to 66.30$ per barrel.
Crude oil has an inelastic demand
Crude oil has an elastic demand
Crude oil has a unit elastic demand
Crude oil has a perfectly elastic demand
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