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Mastering Price Elasticity

5 Questions

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Mastering Price Elasticity

Created by

@SolidRoseQuartz

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Questions and Answers

Which concept measures the extent to which changes in the price of a good or service will affect the quantity demanded by consumers?

Elasticity of demand (correct)

Elasticity of supply

Demand elasticity

Price elasticity

When the price of a good or service remains stable but the demand and quantity increase, what does it indicate?

Elasticity of demand is negative

Elasticity of demand is positive (correct)

Elasticity of supply is negative

Elasticity of supply is positive

What happens in a situation of positive price elasticity of demand?

Small price changes cause significant changes in quantity demanded (correct)

Price changes only affect quantity demanded in certain situations

Price changes have no effect on quantity demanded

Quantity demanded remains constant regardless of price changes

How can positive price elasticity of demand benefit producers?

<p>By increasing the price without affecting sales</p> Signup and view all the answers

What should producers consider in order to avoid losing market share in a situation of positive price elasticity of demand?

<p>Competitors and market strategy</p> Signup and view all the answers

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