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Description
Quiz by eleanor.adamandi, updated more than 1 year ago
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Question 1
Question
What does PED measure?
Answer
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The responsiveness of the quantity demanded of a good to a change in its price
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The change in price arising from a change in income
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The demand of a good
Question 2
Question
PED for all normal goods is
Answer
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Zero
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Negative
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Positive
Question 3
Question
Which of the following could have a positive PED?
Answer
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Substitutes
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Durable Goods
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Giffen Goods
Question 4
Question
If a good has a PED of -.5, a 30% increase in price will lead to what change in quantity demanded?
Answer
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An increase of 60%
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A decrease of 15%
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An increase of 15%
Question 5
Question
Unitary elastic demand describes a situation where a percentage change in the demand for a good is _ to/than the percentage change in quantity
Answer
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Less
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Equal
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Greater
Question 6
Question
Why do more expensive goods have a higher PED?
Answer
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They're necessary for everyday living
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People are willing to shop around for it
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It's easy to find alternatives
Question 7
Question
Durable products have
Answer
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A low PED
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A PED of 0
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A high PED
Question 8
Question
Who finds PED the least useful?
Answer
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Suppliers
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Consumers
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Monopolists
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The Government
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