Professional Documents
Culture Documents
Econ Week 7
Econ Week 7
Econ Week 7
1
Correct
Flag question
Question text
It is the measure of how much buyers and sellers respond to changes in market
conditions.
Answer:
Feedback
The correct answer is: Elasticity
Question 2
Correct
Flag question
Question text
If you slow down buying because of a price increase, your demand is
Select one:
a. Strong
b. Elastic
c. Normal
d. Inelastic
Feedback
Your answer is correct.
Question 3
Correct
Flag question
Question text
If you spend a very small proportion of your income on a product, then
Select one:
a. You will wait for a sale before you buy the item.
Feedback
Your answer is correct.
The correct answer is: The demand for that product will tend to be price inelastic.
Question 4
Correct
Flag question
Question text
When the percentage change in the price exceeds the percentage change in quantity
demanded, then demand is
Select one:
a. Unitary elastic.
b.
Irrelevant
Irrelevant.
Irrelevant.
c. Elastic.
d.
Inelastic.
Feedback
Your answer is correct.