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Module 3.6

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.
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.
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
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.
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.
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
1 of 10
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.
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.
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
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.
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.
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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