When price changes but demand doesn’t change then the price elasticity is
Anonymous Quiz
16%
Very low
12%
Very high
67%
Zero
6%
Negative
👍2🔥2
When price changes by larger percentage than the change in demand the price elasticity is
Anonymous Quiz
39%
Greater than one
53%
Less than one
3%
Zero
5%
Infinite
👍2
For necessities, change in demand is usually _______ the change in price
Anonymous Quiz
55%
Less than
21%
More than
19%
Equal to
5%
None
👍4
For luxurious goods price elasticity is ______
Anonymous Quiz
19%
Less than one
73%
More than one
4%
One
4%
Zero
👍2👎2
Income and demand for a commodity are __________
Anonymous Poll
75%
Directly related
23%
Inversely related
1%
Not related
0%
None
👍5👎1
For inferior goods, when income goes up, demand ______
Anonymous Quiz
17%
Goes up
73%
Goes down
9%
Doesn’t change
0%
None
👍3
When price of commodity x goes up, demand for its substitute y should ______
Anonymous Quiz
75%
Go up
21%
Go down
3%
Doesn’t change
2%
Either a or b
👍3
When price of commodity x goes up, demand for its complimentary commodity y should _______
Anonymous Quiz
22%
Go up
73%
Go down
4%
Doesn’t change
1%
Either a or b
👍4❤3
Q 11.
Giffen goods are ______
Giffen goods are ______
Anonymous Quiz
54%
Inferior goods
9%
Superior goods
32%
Inferior goods with no close substitute
5%
Low priced goods
❤4👍2
When price of commodity goes up, then demand ______
Anonymous Quiz
8%
Increases
76%
Decreases
4%
Expands
12%
Contracts
❤3