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- Subject
- Elasticityeconomics-mcqs › elasticity
- Published
- 1 Jun 2019
- Last updated
- 28 May 2026
Explanation
When consumers perceive few substitutes for a product, their demand tends to be less sensitive to price fluctuations, meaning demand is price inelastic.
More Elasticity MCQs
Practice related questions from the same subject.
- 1.What type of good is indicated when the income elasticity of demand is negative?
- 2.When a manufacturing plant has unused capacity, how is the firm's supply curve most likely characterized?
- 3.When technological advancements in agriculture cause the supply curve for agricultural products to shift rightward, what is the likely effect on the total revenue earned by farmers?
- 4.When the supply curve shifts leftward (a reduction in supply), under which condition will the total revenue in the market rise?
- 5.What does it imply if the supply curve of a product is price elastic?
- 6.Which of the following goods or services tends to have the least sensitive demand to price changes?
- 7.Typically, a demand curve that is relatively flat tends to be which of the following?
- 8.How is the price elasticity of demand best defined?
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