ECON 101 ECON101 Week 3 Quiz with Answers (American Public University)

ECON 101 ECON/101 ECON101 Week 3 Quiz (APUS)

1. Demand is price inelastic if:
2. If the absolute value of price elasticity is greater than 1, this means the demand curve in that region is:
3. Which of the following will lead to a decrease in total revenue?
4. If total revenue goes up when price falls, the price elasticity of demand is said to be:
5. Price elasticity of demand measures the responsiveness of the change in:
6. The price elasticity of demand is:
7. A men's tie store sold an average of 30 ties per day when the price was $5 per tie but sold 50 of the same ties per day when the price was $3 per tie. Hence, the absolute value of the price elasticity of demand is:
8. If the total revenue received by a firm does not change when it raises its price, this indicates that the demand for the firm's product is:
9. The ratio of the percentage change in a dependent variable to the percentage change in an independent variable, all other things unchanged, is:
10. The price elasticity of a good will tend to be greater: