Question : What is the slope of a demand curve?
Option 1: Price
Option 2: Quantity demanded
Option 3: Elasticity
Option 4: Marginal utility
Correct Answer: Price
Solution : The correct answer is (a) Price
The slope of a demand curve represents the change in price along the horizontal axis and the change in quantity demanded along the vertical axis. It indicates the rate at which quantity demanded changes in response to a change in price.
Question : If the price elasticity of demand for a good is 2.5, then a 10% decrease in price will result in a:
Question : If the price elasticity of demand for a good is -1.5, then a 10% increase in price will result in a:
Question : If the price elasticity of demand for a good is -0.5, then a 10% increase in price will result in a:
Question : If the price elasticity of demand for a good is 1.2, then a 10% decrease in price will result in a:
Question : If the price elasticity of demand for a good is 0.8, then a 10% increase in price will result in a:
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile