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Elasticity Essentials: Price Response True/False

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Elasticity Essentials: Price Response True/False

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Test your understanding of price elasticity concepts.

Created by

Montex
Montex
Canada

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Elasticity Essentials: Price Response True/False
 

Elasticity Essentials: Price Response True/FalseOnline version

Test your understanding of price elasticity concepts.

by Montex
1

The elasticity coefficient is negative when there is an inverse relationship between price and quantity demanded.

2

Adjustment time has no effect on elasticity; consumers instantly respond to price changes. (Longer adjustment times allow more response, increasing elasticity.)

3

PED is calculated as the percentage change in price divided by the percentage change in quantity demanded. (This reverses the correct formula.)

4

If a good has more substitutes, its price elasticity of demand tends to be higher (more elastic).

5

Habit-forming goods have higher elasticity of demand than non-habit-forming goods. (They typically have lower elasticity.)

6

The formula used to calculate PED uses increases in price only, ignoring any quantity changes. (Quantity changes are essential to the calculation.)

7

The price elasticity of demand (PED) measures how quantity demanded responds to price changes.

8

A graph representing perfectly elastic demand has PED = 0. (In reality, perfectly elastic demand implies PED is infinite.)

9

The higher the price of a good as a percentage of total expenditure, the more elastic the demand tends to be.

10

Habit-forming goods generally have lower elasticity of demand.

 
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