Hint | Answer | % Correct |
---|---|---|
A product is perfectly inelastic at a PED of what? | 0 | 92%
|
If price elasticity of demand is greater than one then demand is... | Elastic | 91%
|
If price elasticity of demand is between zero and one;demand is what? | Inelastic | 89%
|
What would a perfectly inelastic demand curve look like? | Vertical | 88%
|
What would a perfectly elastic demand curve look like? | Horizontal | 84%
|
Which five factors determine price elasticity of demand? | Substitutability | 51%
|
If price elasticity of demand equals one then demand is... | Unitary Elastic | 51%
|
Generally, demand is more elastic in the '________'? | Long run | 45%
|
How does a greater number of substitutes being available affect a goods elasticity? | Increases | 28%
|
- | Time | 24%
|
- | Whether it is a necessity or luxury | 5%
|
- | Percentage of income | 4%
|
- | Market width | 1%
|
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