2. Microeconomics
Significance Of Price Elasticity Of Demand — Quiz
Test your understanding of significance of price elasticity of demand with 5 practice questions.
Practice Questions
Question 1
What does price elasticity of demand measure?
Question 2
If a product has a price elasticity of demand greater than $1$, what is demand called?
Question 3
Why is price elasticity of demand important for firms when setting prices?
Question 4
Which of the following products is most likely to have inelastic demand?
Question 5
What happens to total revenue when the price of an elastic product rises?