4174043
Description
Quiz by 2016: Ignacio Pa, updated more than 1 year ago
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Created by 2016: Ignacio Pa
over 8 years ago
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Question 1
Question
PED line with 0 slope means it is
Answer
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Perfectly inelastic
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Perfectly elastic
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None of the above
Question 2
Question
a PED line that is completely vertical means that it is
Answer
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Perfectly inelastic
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Perfectly elastic
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None of the above
Question 3
Question
YED greater than 1 means
Answer
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Luxury good
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Inferior good
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none of the above
Question 4
Question
YED less than 0 means
Answer
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Luxury good
-
Inferior good
-
None of the above
Question 5
Question
YED between 0 and 1 menas
Answer
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Inferior good
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Luxury good
-
None of the above
Question 6
Question
Company with inelastic goods should
Answer
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increase prices
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lower prices
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No change
Question 7
Question
Companies with elastic goods should
Answer
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increase prices
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lower prices
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no change
Question 8
Question
Companies that have goods that are unit elastic should do what to increase their profit
Answer
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increase price
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lower price
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doesnt matter what they do because their profit will always de the same
Question 9
Question
Unit elastic graph is seen as
Answer
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havisng a flat slope
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rectangular hyperbola
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undefined slope
Question 10
Question
Substitute goods have a
Answer
-
positive cross elasticity
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negative cross elasticity
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not enough information to answer
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