10 Questions
Define Elasticity of Demand.
The measure of how sensitive the quantity demanded of a good is to a change in price.
What are the factors affecting Elasticity of Demand?
Price of the good, income level, availability of substitutes.
Define Demand Forecasting.
The process of estimating future demand for a product or service.
What are the determinants of supply?
Price of the good, production costs, technology, number of suppliers.
Define Price Elasticity.
The measure of how sensitive the quantity demanded or supplied of a good is to a change in its price.
Which of the following best defines elasticity of demand?
The measurement of how sensitive the quantity demanded is to a change in price
What is the law of demand?
As the price of a good increases, the quantity demanded decreases
Which of the following is an exception to the law of demand?
Giffen goods
What are the factors affecting elasticity of demand?
Price of the good, price of substitutes, income of consumers
What is the law of supply?
As the price of a good increases, the quantity supplied increases
This quiz will test your knowledge on important concepts related to demand elasticity and demand forecasting. Topics covered include the definition and types of elasticity of demand, the law of demand and its exceptions, measurement and significance of elasticity of demand, factors affecting elasticity of demand, and the characteristics of a good demand forecasting. Sharpen your understanding of these key concepts and improve your decision-making skills in this quiz.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
