Elasticity of Demand Quiz

The total expenditure on a good or service

The responsiveness of quantity demanded to a price change of another good (correct)

The change in the quantity demanded due to increased income levels

The effect of advertising on consumer behavior

Consumers become less aware of price changes for substitutes

Consumers prefer to purchase from the same brand

Substitutes increase the necessity of products

Consumers can easily switch to alternatives if prices rise (correct)

Longer time periods allow consumers to adjust their purchasing patterns (correct)

Longer time periods make demand less elastic

Time has no significant impact on demand elasticity

Short time periods increase consumer resistance to change

<p>Higher income levels increase the likelihood of switching to substitutes</p> Signup and view all the answers

<p>Its demand becomes less elastic and consumers continue purchasing despite price increases</p> Signup and view all the answers