Quiz 5 In Economics,_______________ is the ratio of the percent change in one variable to the percentage change in another variable. economies of scale variable revenue elasticity demand Price elasticity of demand is the responsiveness of the quantity demanded of a particular product to a change in its price. True False ______________ elasticity of demand is the responsiveness of the quantity demanded of a particular product to a change in consumers’ income. Income cross total revenue The responsiveness of the quantity supplied of a particular product to a change in its price is called ________________. Price elasticity of demand. Price elasticity of supply. Income elasticity of demand. Cross price elasticity. Cross price elasticity is the responsiveness of the quantity demanded/supplied of a particular product to a change in the price of a substitute product. True False If a good is price elastic: The suppliers can increase the revenue by reducing the price. The suppliers’ revenue doesn’t change either by increasing or reducing the price. Consumers have less bargaining power compared to the suppliers. The suppliers can increase the revenue by increasing the price. A good or a service is price elastic if: PED is less than 1. PED = 1. PED = 0. PED is greater than 1. Demand for a good or a service will be price elastic if more substitutes are available in the market. True False Necessities are usually more price elastic compared to luxurious goods. True False Demand tends to be more elastic in the long run rather than in the short run. True False Price elasticity of ___________ is the responsiveness of the quantity supplied of a good to a change in its price. demand a product supply a service In the _____________, supply tends to be elastic since the firms can invest in capital and grow in size in the long run. short-run long-run Loading … Question 1 of 12
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