Price Elasticity of Demand Quiz

A good's elasticity has greater magnitude, ignoring the sign (correct)

A good's elasticity has a positive value, ignoring the sign

A good's elasticity has a smaller magnitude, ignoring the sign

A good's elasticity has a positive value

A one percent price rise leads to a one percent decline in quantity demanded

A two percent price rise leads to a two percent decline in quantity demanded

A two percent price rise leads to a one percent decline in quantity demanded

A one percent price rise leads to a two percent decline in quantity demanded (correct)

Only for luxury goods

Only for essential goods

For all goods

Except in special cases (correct)

<p>How the quantity demanded changes with consumer income changes</p> Signup and view all the answers

<p>Two special cases of goods</p> Signup and view all the answers