1) Toothpaste and tooth brushes are... a) Substitutes  b) Complementary  c) Unrelated 2) What is the Formula for Price Elasticity of demand a) %change in QD/%change in P b) %change in QS/%change in P c) %change in QD/%change in Y d) %change in QD of good X/%change in P of Good Y 3) Which one is an inferior good a) b) 4) Petrol and Diesel are... a) Substitutes b) Complementary c) Unrelated 5) Phones and Phone cases are... a) Substitutes b) Complementary c) Unrelated 6) Tennis balls and Tennis rackets are... a) Substitutes b) Complementary c) Unrelated 7) Which of these are a luxury a) b) c) d) 8) Butter and Margarine are... a) Substitutes b) Complementary c) Unrelated  9) Pepsi and coke are... a) Substitutes b) Complementary c) Unrelated 10) Price elastic is when a) PED=∞ b) PED=1 c) PED=0 d) PED<1 e) PED>1 11) which of these are substitutes  to...  a) b) c) d) 12) Price inelastic is when a) PED=0 b) PED<1 c) PED=∞ d) PED=1 e) PED>1 13) Which of these are unrelated to...  a) b) c) d) 14) Perfectly inelastic is when a) PED<1 b) PED=0 c) PED=1 d) PED=∞ e) PED>1 15) A luxury is.. a) A Basic good  b) A Superior good 16) Which of these are complementary to... a) b) c) d) 17) Perfectly elastic is when...  a) PED=0 b) PED=1 c) PED=∞ d) PED>1 e) PED<1 18) A necessity is... a) A Basic good b) A Superior good 19) Which one is a Normal good a) b) 20) Price elasticity of Demand a) PED b) PES c) XPED d) YED 21) which of these are a necessity a) b) c) d) 22) which is and inferior good... a) b) 23) If the demand for a product is elastic (PED > 1), how will an increase in price affect total revenue (TR)? a) Total revenue will increase b) Total revenue will decrease c) Total revenue will remain unchanged d) Total revenue will initially increase, then decrease 24) When demand is inelastic (PED < 1), what is the effect of a decrease in price on total revenue? a) Total revenue will increase b) Total revenue will decrease c) Total revenue will remain unchanged d) Total revenue will fluctuate unpredictably 25) If a product has a PED of -0.3 and the firm increases its price by 10%, what is the expected effect on total revenue?If a product has a PED of -0.3 and the firm increases its price by 10%, what is the expected effect on total revenue? a) Total revenue will increase b) Total revenue will decrease c) Total revenue will remain unchanged d) Total revenue will decrease by 3% 26) A business wants to increase its total revenue and is considering a price change. If the demand for their product is inelastic, what should the business do? a) Increase the price b) Decrease the price c) Leave the price unchanged d) Increase the supply 27) If a firm observes that lowering the price of its product increases total revenue, what can be concluded about the price elasticity of demand for the product? a) Demand is elastic b) Demand is inelastic c) Demand is unit elastic d) Demand is perfectly inelastic

Unit 5 - PED & TR

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