Question 1 of 205.0 PointsThe price elasticity of demand reflects the responsiveness of __________ .A. firms to changes ...

Get help with any kind of assignment - from a high school essay to a PhD dissertation

Question 1 of 20
5.0 Points
The price elasticity of demand reflects the responsiveness of __________ .
A. firms to changes in demand
B. demand to a change in price of a substitute good
C. demand to a change in price
D. quantity demanded to a change in price
Question 2 of 20
5.0 Points
In considering the relationships between price and quantity demanded, ceteris paribus directs
the economist to assume that __________ .
A. price increases affect quantity
B. quantity increases affect prices
C. neither price nor quantity affect demand
D. all other variables remain unchanged
Question 3 of 20
5.0 Points
The price of apples increases from $1 to $1.10. At the same time, the quantity of apples
demanded decreases from 100 to 90. The price elasticity of demand for apples (calculated using
the initial value formula) is __________ .
A. 0.02
B. 0.9
C. 1
D. 1.1
Question 4 of 20
5.0 Points
Suppose that Victoria and her friends are running a fundraiser by selling donuts. They want to
know what will happen to their revenue if they increase the price of each donut from $0.80 to
$1. What concept do they need to apply to find out their expected revenue?
A. price elasticity of supply
B. price elasticity of demand
C. cross elasticity of demand
D. income elasticity of demand
Question 5 of 20
5.0 Points
The quantity of pencils sold is 1000 at the unit price $0.5. Suppose the price elasticity of
demand for pencils by the initial value method is 2, and you would like to increase the quantity
sold to 1200. Then the new price for pencils must be __________ .
A. $0.05
B. $0.25

C. $0.30
D. $0.45
Question 6 of 20
5.0 Points
A good synonym for elasticity would be __________ .
A. change
B. demand
C. responsiveness
D. stickiness
Question 7 of 20
5.0 Points
The price elasticity of demand is calculated by __________ .
A. the change in price divided by the change in quantity demanded
B. the change in quantity demanded divided by the change in price
C. the percentage change in price divided by the percentage change in quantity demanded
D. the percentage change in quantity demanded divided by the percentage change in price
Question 8 of 20
5.0 Points
The market demand curve __________ .
A. shows the relationship between the price of a good and the quantity that all consumers
together are willing to buy
B. is drawn assuming that variables such as income and tastes are variable
C. is drawn assuming that the number of consumers is variable
D. is drawn assuming that the selling price is fixed
Question 9 of 20
5.0 Points
When demand decreases and the demand curve shifts to the left, equilibrium price __________
and equilibrium quantity __________ .
A. increases; increases
B. increases; decreases
C. decreases; increases
D. decreases; decreases
Question 10 of 20
5.0 Points
When there is a change in the quantity demanded it means that __________ .
A. the hours the customer can buy products each day have increased
B. the number of products in inventory have increased
C. the quantity a consumer is willing to buy changes when the price changes
D. the selling price of the products has not changed

Question 11 of 20
5.0 Points
Suppose that there are only three consumers of a product. At a price of $6 per unit, the first
consumer would buy 12 units of the product, the second consumer would buy 8 units, and the
third consumer would buy 3 units of the product. If you drew a market demand curve for this
product, the quantity demanded at a price of $6 would be __________ .
A. 23 units
B. 20 units
C. 12 units
D. 11 units
Question 12 of 20
5.0 Points
Suppose that in a month the price of oranges increases from $.75 to $1. At the same time, the
quantity of oranges demanded decreases from 100 to 80. The price elasticity of demand for
oranges (calculated using the initial value formula) is __________ . ?
A. 0.75
B. 0.6
C. 0.25
D. 20
Question 13 of 20
5.0 Points
A demand curve is defined as the relationship between __________ .
A. the price of a good and the quantity of that good that consumers are willing to buy
B. the price of a good and the quantity of that good that producers are willing to sell
C. the income of consumers and the quantity of a good that consumers are willing to buy
D. the income of consumers and the quantity of a good that producers are willing to sell
Question 14 of 20
5.0 Points
The quantity of TVs sold is 100 at the unit price $200. Suppose the price elasticity of demand for
TVs by the initial value method is 2.0, and you would like to decrease the unit price for TVs to
$150. Then the new quantity sold must be __________ .
A. 125
B. 150
C. 200
D. 250
Question 15 of 20
5.0 Points
Suppose that in a month the price of milk increases from $2 to $3 a gallon. At the same time,
the quantity of gallons of milk demanded decreases from 200 to 190. The price elasticity of
demand for milk (calculated using the initial value formula) is __________ .

A. 0.1
B. 0.2
C. 1
D. 10
Question 16 of 20
5.0 Points
The quantity demanded of a product increases as __________ .
A. consumer income rises
B. the prices of other products fall
C. the price of the product rises
D. the price of the product falls
Question 17 of 20
5.0 Points
The ratio of the percentage change in quantity demanded to the percentage change in price is
known as the __________ .
A. demand-side shift factor
B. income elasticity of demand
C. price elasticity of demand
D. cross elasticity of demand
Question 18 of 20
5.0 Points
The Law of Demand can be explained as __________ .
A. a lot of people wanting the same thing
B. the higher the price, the smaller the quantity demanded, ceteris paribus
C. people willing to make limited sacrifices to acquire products
D. legal reasons people make purchases in the marketplace
Question 19 of 20
5.0 Points
A change in the quantity demanded of a product is the result of a change in __________ .
A. the price of the product
B. the price of related goods
C. consumer income
D. the cost of producing the product
Question 20 of 20
5.0 Points
Suppose that in a month the price of a dozen of eggs increases from $1.50 to $2. At the same
time, the quantity of dozens of eggs demanded decreases from 200 to 150. The price elasticity
of demand for dozens of eggs is __________ .
A. perfectly inelastic

B. inelastic
C. unitary elastic 
D. elastic










OUR SERVICE CHARTER







  • 100% Plagiarism-Free Guarantee

    We deliver top-quality essays through employing various measures that seek to improve the content of a given assignment. One of the quality-control systems that we use entails plagiarism checkers. These systems help us to deliver a 100% plagiarism-free papers to our clients. We also value the originality of papers, and we do not resell any submitted paper. It means that every client always gets a unique paper. Additionally, our perfect team of writers is usually keen on the academic writing standards as well as the instructions brief that a client submits. Our team of writers holds matchless competence when it comes to its service delivery. Every member of the team usually has an academic degree, and the team’s diversified skills make it possible for us to have a qualified writer in any client’s area of study. Additionally, our past clients have always given a positive feedback on each of our writers.
  • Money Back Guarantee

    If any of our writers deliver an incomplete or ambiguous paper that is off the topic, our clients can claim for a refund in regard to the oversight. We do not compromise our service delivery through submission of a paper that does not follow our clients’ instructions. We also mind about the interest of our customers, and we always give them value for their money. However, our clients have a choice to request for a free revision within 14-30 days, or depending on the length of the submitted paper. A client who needs a refund should send a request for it within 14 days after receiving the completed paper. If a client decides not to download the paper, then they can request for 100% refund. Any refunded amount usually goes to the client’s Bonus Balance as store credit. There is always extra compensation when the refund takes the form of store credit. Alternatively, the refunded amount can also go the client’s credit card.
  • 100% Confidentiality

    We mind about the interests of our clients holistically. It is for this reason that we maintain high-level confidentiality in regard to our clients’ personal information. Importantly, we use the information for purposes that relate with our services only. The only information that we require relates to our clients’ writing needs. It is also important to note that our clients’ payment information is secure with us. If there is any query in regard to the payment information, then our support team is always willing to provide any clarifications in a prompt manner. Confidentiality extends to the fact that a client made use of our services. It means that we hold our relationship with our clients in secrecy. Importantly, our confidentiality measures beat any advanced security measure that can identify any information regarding our relationship with our clients. It means that our clients transact with us freely without any fear of information leakage.
  • Professional Academic Writers

    An academic degree is one of the qualifications that our writers hold. This is only a minimum requirement that we ask from our writers, but the team also has writers who possess higher educational credentials. It means that the team comprises of competent writers who have gone through institutions of higher learning and passed their exams. Subsequently, the writers have a good grasp of what our clients require. It is notable that our writers not only want to apply their acquired knowledge, but they are also willing to help our clients to outperform them. This is a clear indication of a team that is willing to walk an extra mile. We uphold professionalism in our operations, and our clients should look forward to receive services from a team of experts. It is the spirit of value addition that makes us to scale any heights in order to deliver and outperform our clients’ expectations.