Price Elasticity of Demand Quiz
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Questions and Answers

Question 1

  • The price elasticity of demand when the price is £40 and the quantity is 20 units is 0.5.
  • The price elasticity of demand when the price is £40 and the quantity is 20 units is 1.
  • The price elasticity of demand when the price is £40 and the quantity is 20 units is 4.
  • The price elasticity of demand when the price is £40 and the quantity is 20 units is 2. (correct)

Question 2

  • The price elasticity of demand when the price is £20 and the quantity is 80 units is 0.5.
  • The price elasticity of demand when the price is £20 and the quantity is 80 units is 1. (correct)
  • The price elasticity of demand when the price is £20 and the quantity is 80 units is 4.
  • The price elasticity of demand when the price is £20 and the quantity is 80 units is 2.

Question 3

  • The slope of a linear demand curve is always positive.
  • The price elasticity of demand is always negative.
  • The slope of a linear demand curve is always negative. (correct)
  • The price elasticity of demand is always positive.

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