Question : Demand price elasticity denotes:
Option 1: Change in demand
Option 2: Change in demand due to change in price
Option 3: Change in Price
Option 4: Change in real income
Correct Answer: Change in Price
Solution : Price elasticity of demand is a measurement of how a product's consumption changes in response to a change in its price. Price Elasticity of Demand = Percentage Change in Quantity Demanded / Percentage Change in Price.
Question : Which one is not the type of elasticity of demand?
Question : The elasticity of demand for price is:
Question : The percentage change in _______ divided by the percentage change in _______ is the income elasticity of demand.
Question : ___________________ causes the general price level to fall due to lack of demand for goods and services in the economy.
Question : ______________ refers to production of goods and services valued at current price.
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