question

If the percentage increase in price is 15 percent and the value of the price elasticity of demand is -3, then quantity demanded

will decrease by 5 percent.

will increase by 5 percent.

will increase by 45 percent.

will decrease by 45 percent.

will decrease by 5 percent.

will increase by 5 percent.

will increase by 45 percent.

will decrease by 45 percent.

answer

will decrease by 45 percent.

question

The price elasticity of demand is equal to

Answers:

the value of the slope of the demand curve.

the change in quantity demanded divided by the change in price.

the percentage change in price divided by the percentage change in quantity demanded.

the percentage change in quantity demanded divided by the percentage change in price.

Answers:

the value of the slope of the demand curve.

the change in quantity demanded divided by the change in price.

the percentage change in price divided by the percentage change in quantity demanded.

the percentage change in quantity demanded divided by the percentage change in price.

answer

the percentage change in quantity demanded divided by the percentage change in price.

question

If the slope of a demand curve is equal to -0.1 then

answer

we don't know whether the demand is elastic or inelastic.

question

If demand is inelastic, the absolute value of the price elasticity coefficient is greater than one. T/F

answer

false

question

The price elasticity of demand for Stork ice cream is -4. Suppose you're told that following a price increase, quantity demanded fell by 10 percent. What was the percentage change in price that brought about this change in quantity demanded?

Answers:

40 percent

25 percent

2.5 percent

0.4 percent

Answers:

40 percent

25 percent

2.5 percent

0.4 percent

answer

2.5 percent

question

If, when price changes by 35 percent, the quantity demanded changes by 7 percent, then the absolute value of the price elasticity of demand is 5. t/f

answer

false

question

The percentage change in the quantity demanded of a good due to a percentage change in its price is referred to as the:

answer

price elasticity of demand

question

A good is said to have a relatively elastic demand if the value of price elasticity is:

Answers:

between 0 and 0.5.

greater than 1.

equal to 0.

between 0.5 and 1.

Answers:

between 0 and 0.5.

greater than 1.

equal to 0.

between 0.5 and 1.

answer

greater than 1.

question

If demand is inelastic, the absolute value of the price elasticity of demand is

Answers:

one.

greater than the absolute value of the slope of the demand curve.

less than one.

greater than one.

Answers:

one.

greater than the absolute value of the slope of the demand curve.

less than one.

greater than one.

answer

less than one.

question

If the absolute value of the price elasticity of demand for gasoline is 0.5, then a 10 percent increase in the price of gasoline leads to a 0.5 percent decrease in the quantity demanded. t/f

answer

false

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