Quiz

Quiz: Price and Income Elasticity of Demand

WJEC Eduqas GCE A LEVEL in BUSINESS specification

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Building on what you've learned about markets and demand, let's test your knowledge of price and income elasticity!

Multiple ChoiceInteractive

What does price elasticity of demand measure?

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Which of the following goods are likely to have inelastic demand? (Select all that apply)

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Goods with a price elasticity of demand greater than {{blank0}} are considered elastic.

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Match the items on the left with their correct pairs on the right

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Math EquationInteractive

Calculate the price elasticity of demand if price increases by 10% and quantity demanded decreases by 20%.

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Multiple ChoiceInteractive

If a good has an income elasticity of demand below zero, what type of good is it?

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typedAnswer

Match the items on the left with their correct pairs on the right

Multi-SelectInteractive

Which factors influence price elasticity of demand? (Select all that apply)

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Fill in the BlankInteractive

Goods with an income elasticity greater than {{blank0}} are considered luxury goods.

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Multiple ChoiceInteractive

Which statement is true about perfectly inelastic demand?

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