AQA Economics AS - Price Elasticity of demand

Price elasticity of demand measures the responsiveness of demand after a change in a product's own price.
Quiz by EvanRoberts
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Last updated: November 22, 2016
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First submittedNovember 22, 2016
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Average score53.8%
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Hint
Answer
A product is perfectly inelastic at a PED of what?
0
What would a perfectly inelastic demand curve look like?
Vertical
If price elasticity of demand is between zero and one;demand is what?
Inelastic
If price elasticity of demand equals one then demand is...
Unitary Elastic
If price elasticity of demand is greater than one then demand is...
Elastic
What would a perfectly elastic demand curve look like?
Horizontal
Which five factors determine price elasticity of demand?
Substitutability
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Percentage of income
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Whether it is a necessity or luxury
-
Market width
-
Time
Generally, demand is more elastic in the '________'?
Long run
How does a greater number of substitutes being available affect a goods elasticity?
Increases
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