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Demand for a good will tend to be more elastic if it exhibits which of the following characteristics?
Anonymous Quiz
16%
It represents a small part of the consumer's Income
48%
The good has many substitutes available
23%
It is a necessity (as opposed to a luxury)
13%
There is little time for the consumer to adjust to the price change
A good which cannot be consumed more than once is known as
Anonymous Quiz
17%
Durable good
72%
Non-durable good
6%
Producer good
6%
None of the above
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Demand is the.....
Anonymous Quiz
35%
The desire for a commodity given its price and those of related commodities
50%
The entire relationship between the quantity demanded and the price of a good other things remaining
7%
Willingness to pay for a good if income is larger enough
8%
Ability to pay for a good
The ratio of number of boys and the number of girls in a school is found to be 15:32. How many boys and equal number of girls should be added to bring the ratio to 2/3?
Anonymous Quiz
38%
19
42%
20
15%
23
6%
27
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In the case of a Giffen good, the demand curve will usually be
Anonymous Quiz
14%
Horizontal
43%
Downward-sloping to the right.
7%
Vertical
35%
Upward-sloping to the right
An increase in price will result in an increase in total revenue if:
Anonymous Quiz
39%
% change in Qd < % change in Price
38%
% change in Qd > % change in Price
18%
Demand is elastic
5%
Price is low & Qd is high