4174045
Description
Quiz by 2016: Alejandro , updated more than 1 year ago
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Created by 2016: Alejandro
over 8 years ago
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Question 1
Question
Perfect Competition is the opposite of?
Answer
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Elastic Markets
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Monopolies
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Mixed Economy
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Money Market
Question 2
Question
If a product is inelastic it should have a coefficient
Answer
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greater than 1
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less than 1
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Equal or less than 1
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0
Question 3
Question
If a product is inelastic it means that
Answer
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Quantity is sensitive to a change of price
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Quantity is insensitive to a change of price.
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The product cannot change price
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The product changes price quickly
Question 4
Question
If a product has an elastic Demand
Answer
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Quantity is sensible to a change in price.
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Quantity is insensible to a change in price.
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A change in price ruins the market.
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The market is monopolised.
Question 5
Question
If a product is perfectly inelastic
Answer
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Change in quantity doesn't alter the quantity demanded
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Only rice is perfectly inelastic
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Competitors pursuit changing the market
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Change in price doesn't alter the quantity demanded
Question 6
Question
Substitute Goods have a
Answer
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Negative cross elasticity of demand
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Price related cross elasticity of demand
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Positive cross elasticity of demand
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Has none cross elasticity of demand
Question 7
Question
Complement Goods have a
Answer
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Negative cross elasticity of demand
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Positive cross elasticity of demand
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Equal cross elasticity of demand
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No cross elasticity of demand
Question 8
Question
An example of a Weak Substitute could be
Answer
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Iphone and Samsung
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Coca Cola and Tea
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Cars and tiers
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Pasta and Raviolis
Question 9
Question
An example of a Strong Substitute could be
Answer
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Apple and Samsung
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Coca Cola and Tea
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Pasta and Raviolis
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Ferrari and Chevrolet
Question 10
Question
Companies with elastic goods should
Answer
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Increase prices
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Decrease prices
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No change
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Buy two more companies
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