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by BlastRoom
Classify demand by how strongly quantity demanded responds to a price change.
#us_hs_economics
25 questions
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More correct answers pulls the rope your way.
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A pharmacy raises the price of a prescription heart medicine by 20%, and patients keep buying nearly the same amount. How is demand classified?
A store raises the price of designer sneakers, and shoppers switch to many similar brands. How is demand for the sneakers classified?
After the price of table salt rises, households buy almost the same amount because salt is a small part of their budgets. How is demand classified?
A beach hotel raises weekend rates, and many travelers choose other hotels or postpone trips. How is demand for its rooms classified?
Gasoline prices rise this week, but most commuters still drive nearly the same distances to work. In this short time horizon, demand is:
A streaming service raises its monthly price, and subscribers cancel for competing services. How is demand for this service classified?
The only electric company in town raises its rates, and households keep using nearly the same amount of electricity. How is demand for electricity classified?
Demand for one cereal brand is elastic, but demand for breakfast cereal as a whole is much less elastic. What best explains the difference?
A taco truck raises prices 10%, and quantity demanded falls 30%. How is demand classified?
When the price of concert tickets rises 25%, quantity demanded falls 25%. What is the demand classification?
A 30% increase in the price of a bus pass causes quantity demanded to fall 15%. Demand for the pass is:
A bookstore cuts the price of a novel by 8%, and quantity demanded rises 8%. How is demand classified?
A gym raises membership fees 12%, and memberships demanded fall 36%. What type of demand does this show?
The price of a city water service rises 20%, while quantity demanded falls 5%. How is demand classified?
A movie theater lowers ticket prices 50%, and quantity demanded rises 50%. Demand for tickets is:
A theater raises ticket prices from $10 to $12, and weekly attendance falls from 200 to 140. How is demand classified?
A cafeteria raises the price of a lunch from $20 to $25, and meals sold fall from 400 to 350. Demand is:
A coffee shop raises a drink's price from $5 to $6, and quantity demanded drops from 100 drinks to 80. Measuring each change from the starting value, demand is:
A museum raises admission from $50 to $55, and visits fall from 600 per week to 540. Measuring each change from the starting value, how is demand classified?
A game store raises the price of a used video game from $8 to $10, and weekly quantity demanded falls from 120 to 75. Demand is:
A transit agency raises a fare from $30 to $33, and rides sold fall from 500 to 475. How is demand classified?
What does elastic demand mean?
What does inelastic demand mean?
What does it mean to say that demand is unit elastic?
Which comparison correctly identifies the three demand classifications?
Crack the passcode before the zombies get in.
Answer, then swat bugs for bonus points.
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Elasticity of Supply
20 questions
