Quiz
ECON 102 Chapter 6
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Questions in this quiz (2)
1How would the following changes in price affect total revenue? That is, would total revenue increase, decline, or remain unchanged?
a. Price falls and demand is inelastic. [blank_start](Total Revenue decreases)[blank_end]
b. Price rises and demand is elastic. [blank_start](Total Revenue decreases)[blank_end]
c. Price rises and supply is elastic. [blank_start](Total Revenue increases)[blank_end]
d. Price rises and supply is inelastic. [blank_start](Total Revenue increases)[blank_end]
e. Price rises and demand is inelastic. [blank_start](Total Revenue increases)[blank_end]
f. Price falls and demand is elastic. [blank_start](Total Revenue increases)[blank_end]
g. Price falls and demand is of unit elasticity. [blank_start](Total Revenue remains the same)[blank_end]- ATotal Revenue decreases
- BTotal Revenue increases
- CTotal Revenue remains the same
- DTotal Revenue decreases
- ETotal Revenue increases
- FTotal Revenue remains the same
- GTotal Revenue increases
- HTotal Revenue decreases
- ITotal Revenue remains the same
- JTotal Revenue increases
- KTotal Revenue decreases
- LTotal Revenue remains the same
- MTotal Revenue increases
- NTotal Revenue decreases
- OTotal Revenue remains the same
- PTotal Revenue increases
- QTotal Revenue decreases
- RTotal Revenue remains the same
- S(Total Revenue remains the same)
- TTotal Revenue decreases
- UTotal Revenue increases
2What are the major determinants of price elasticity of demand? Use these determinants and your own reasoning in judging whether demand for each of the following products is elastic or inelastic:
(a) bottled water: [blank_start](Elastic)[blank_end]
(b) tooth paste: [blank_start](Inelastic)[blank_end]
(c) Crest toothpaste: [blank_start](Elastic)[blank_end]
(d) ketchup: [blank_start](Inelastic)[blank_end]
(e) diamond bracelets: [blank_start](Elastic)[blank_end]
(f) Microsoft Windows operating system: [blank_start](Inelastic)[blank_end]- AElastic
- BInelastic
- CElastic
- DInelastic
- EElastic
- FInelastic
- GElastic
- HInelastic
- IElastic
- JInelastic
- KElastic
- LInelastic
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- Description
- Business/Economics Quiz on ECON 102 Chapter 6, created by Mari Magabo on 04/10/2016.
- Author
- Mari Magabo
- Language
- English
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