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- Subject
- Supply and Demandeconomics-mcqs › supply-and-demand
- Published
- 29 May 2019
- Last updated
- 28 May 2026
Explanation
Option A is correct because the price elasticity of demand, calculated using the percentage change in quantity demanded divided by the percentage change in price, results in -2. Options B, C, and D refer to income elasticity or product type, which are not relevant to this price and quantity change.
More Supply and Demand MCQs
Practice related questions from the same subject.
- 1.What is the typical shape of a demand curve?
- 2.What term describes a company earning profits beyond its normal profit level?
- 3.How does an increase in marginal cost affect output, and how does an increase in marginal revenue impact output?
- 4.Marginal revenue refers to the ________ resulting from producing an additional ________ of output.
- 5.What are firms generally assumed to do with their costs and profits?
- 6.What term describes the added satisfaction gained from consuming an additional unit of a product?
- 7.What does the opportunity cost for a student represent?
- 8.What is the expected effect on your demand for goods if both your income and the prices of those goods double?
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