UNIT 02 / THE PRICE SYSTEM AND THE MICROECONOMY

Price elasticity, income elasticity and cross elasticity of demand2.2 test

100 questions with explanations after each answer.

Practice mode

QUESTION 01 / 100Easy

What does price elasticity of demand (PED) measure?

Select one answerAThe responsiveness of price to a change in quantity demandedBThe responsiveness of quantity demanded to a change in the product’s priceCThe responsiveness of quantity demanded to a change in consumer incomeDThe responsiveness of quantity supplied to a change in price

Submit your answer to see the explanation.

1 of 100

A wrong answer is a useful starting point. Read the explanation, then keep going.

Question 1