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At a price of $100, 900 units are demanded and 1000 are supplied. At a price of $150, 500 units are demanded and 1500 are supplied. The elasticity of supply is:
Decrease the price.
how responsive quantity demanded is to changes in the price of the product.
An increase in price results in a decrease in total revenue.
1
Total revenue will increase if its price increases.
-3.666667
There are few substitutes.
Elastic
If the demand for a good is price inelastic at a given output level
Decrease the price.
how responsive quantity demanded is to changes in the price of the product.
An increase in price results in a decrease in total revenue.
1
Total revenue will increase if its price increases.
-3.666667
There are few substitutes.
Elastic
If the price falls and total revenue goes up, we can assume that the price elasticity of demand is
Decrease the price.
how responsive quantity demanded is to changes in the price of the product.
An increase in price results in a decrease in total revenue.
1
Total revenue will increase if its price increases.
-3.666667
There are few substitutes.
Elastic
Demand is elastic when
Decrease the price.
how responsive quantity demanded is to changes in the price of the product.
An increase in price results in a decrease in total revenue.
1
Total revenue will increase if its price increases.
-3.666667
There are few substitutes.
Elastic
You are the manager and have been informed that the elasticity for your product is 2.3. To increase total revenue you should
Decrease the price.
how responsive quantity demanded is to changes in the price of the product.
An increase in price results in a decrease in total revenue.
1
Total revenue will increase if its price increases.
-3.666667
There are few substitutes.
Elastic
Price elasticity of demand measures:
Decrease the price.
how responsive quantity demanded is to changes in the price of the product.
An increase in price results in a decrease in total revenue.
1
Total revenue will increase if its price increases.
-3.666667
There are few substitutes.
Elastic
Which of the following will cause the demand curve to be relatively inelastic.
Decrease the price.
how responsive quantity demanded is to changes in the price of the product.
An increase in price results in a decrease in total revenue.
1
Total revenue will increase if its price increases.
-3.666667
There are few substitutes.
Elastic
Angie of Angie's Cupcake Emporium sells custom cupcake packages for 18.00. She sells 100 packages a week at that price. She ran a sale this week and charged $15.00. She sold 200. What is her elasticity of demand?
Decrease the price.
how responsive quantity demanded is to changes in the price of the product.
An increase in price results in a decrease in total revenue.
1
Total revenue will increase if its price increases.
-3.666667
There are few substitutes.
Elastic
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