ECON 101 Week 3 Quiz Winter 2024 Already passed;AMU
Question 1 10 / 10 points
Demand is price inelastic if:
the price of the good responds slightly to a quantity change.
the demand curve shifts very little when a demand shifter changes. the percentage change in quantity demanded is re...
if the absolute value of price elasticity is great
if total revenue goes up when price falls the pri
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ECON 101
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ECON 101 Week 3 Quiz Winter 2024 Already passed;AMU
Week 3 Quiz (Chapter 4 & 5) - Results
Attempt 1 of 1
Written Mar 18, 2024 3:11 PM - Mar 18, 2024 3:22 PM
Attempt Score - 100 %
Overall Grade (Highest Attempt) - 100 %
Question 1 points
Demand is price inelastic if: the price of the good responds slightly to a quantity change. the demand curve shifts very little when a demand shifter changes. the percentage change in quantity demanded is relatively small in response to a relatively large percentage change in price.
all of the above are true.
Question 2 points
If the absolute value of price elasticity is greater than 1, this means the demand curve in that region is: price elastic. price inelastic. unit price elastic. upward
sloping.
Question 3 points
Which of the following will lead to a decrease in total revenue? price goes up and demand is perfectly inelastic price goes up and demand is price inelastic price declines and demand is price elastic price increases and demand is
price elastic
Question 4 points
If total revenue goes up when price falls, the price elasticity of demand is said to be: price inelastic. unit price elastic. price elastic.
positive.
Question 5 points
Price elasticity of demand measures the responsiveness of the change in:
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