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15
×
If a product is NOT considered as a necessity, it is said to have inelastic demand.
False
True
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banana
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seesaw
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rocket
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banana
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15
×
------------- is the degree to which changes in a good’s price affect the quantity demanded.
Elasticity of demand
Elasticity of Supply
Elastic Demand
Elastic Supply
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15
×
If income elasticity is between 0 and 1, then the product in question is -----------
income elastic
income perfectly elastic
income unit elastic
income inelastic
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15
×
Crude oil demand increased from 91 million to 96.5 million barrels, while price hiked from 39.68$ to 66.30$ per barrel.
Crude oil has a unit elastic demand
Crude oil has an elastic demand
Crude oil has a perfectly elastic demand
Crude oil has an inelastic demand
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15
×
If a product costs around 60% of consumers’ income, then this product has elastic demand, Ceteris Paribus.
True
False
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seesaw
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seesaw
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gift
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thief
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25
15
×
Calculate the % change in price of product J, where in 2020 price was 101 EGP while in 2021 price reached 65 EGP.
Decrease of 24.4%
Decrease of 48.65%
Decrease of 61.82%
Decrease by 53.85%
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15
×
A good is said to have inelastic demand if __________
All the answers are correct
The good is not a necessity
the product's cost represents a large portion of consumer's income
There are no available substitutes
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15
×
A product is considered unit elastic if its price elasticity of demand is
= 0
< 1
>1
= 1
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15
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A product is considered ------------- if its price elasticity of demand is less than one.
elastic
unit elastic
inelastic
perfectly elastic
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boom
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fairy
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25
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gift
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banana
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15
×
Perfectly inelastic demand means QD for a product is not affected at all by changes in the product’s price.
True
False
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15
×
Demand for insulin fell from 526 million shots to 516, while price hiked from 0.25$ to0.62$ per pen. Calc approx. PED.
-1.75
-1.08
-0.66
-0.01
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15
×
A product is considered ------------- if its price elasticity of demand is equal to infinity.
Relatively elastic
Perfectly inelastic
Perfectly elastic
Relatively inelastic
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15
×
A good is said to have elastic demand if__________
The good is a necessity
All the answers are correct
There are no available substitutes
The product's cost represents a large portion of consumer's income
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