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

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Ashworth BUSINESS C13V -The price elasticity of demand reflects

April 14, 2018

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










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