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lifesaver
Give 25 points!
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rocket
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fairy
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5
10
15
20
25
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banana
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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 an inelastic demand
Crude oil has a perfectly elastic demand
Crude oil has a unit elastic demand
Crude oil has an elastic demand
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heart
Other team wins 25 points!
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rocket
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rocket
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banana
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15
×
If incomes rise by 14% and demand for product X decreases by 28%, calculate YED.
2
5.07
1.62
3.14
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15
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------------- is the degree to which changes in a goodâs price affect the quantity demanded.
Elastic Supply
Elasticity of Supply
Elastic Demand
Elasticity of demand
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15
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Demand for insulin fell from 526 million shots to 516, while price hiked from 0.25$ to0.62$ per pen. Calc approx. PED.
-0.01
-1.08
-1.75
-0.66
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15
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If a product costs around 3% of consumersâ income, then this product has elastic demand.
False
True
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15
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If cross elasticity is -ve this means that ------------
All the answers are incorrect
The two products complement each other
The two products are unrelated
The two products are substitutes
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trap
No points!
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star
Double points!
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rocket
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lifesaver
Give 20 points!
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15
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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 greater than one.
Inelastic
Perfectly inelastic
Elastic
Unit Elastic
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15
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If a product is NOT considered as a necessity, it is said to have inelastic demand.
False
True
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15
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If cross elasticity is 0 this means that ---------------
All the answers are incorrect
The two products in question are unrelated
The two products are substitutes
The two products complement each other
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15
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A product is considered ------------- if its price elasticity of demand is less than one.
inelastic
perfectly elastic
elastic
unit elastic
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15
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A product is considered ------------- if its price elasticity of demand is equal to infinity.
Relatively inelastic
Perfectly elastic
Perfectly inelastic
Relatively elastic
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15
×
In the Egyptian economy, which of the following products is considered to have a relatively inelastic demand?
Tuna fish
All the answers are correct
Potato chips
Bread
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