What is the likely impact of a price rise for a low price but high quality fishand chip shop with few substitutes?
A. Demand will rise by less than the price rise
B. Demand stays the same
C. Demand falls by a greater percent than the price rise
Demand falls by a lower % than the price increase as a %
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Using the simple method, what is the price elasticity of demand of product X as price falls from its current price of $20 to $15? The Quantity rise from 10 to 15
A. 0.5
B. 1
C. 1 .5
D. 2
A firm's product has a price elasticity of demand of -2. A 10% fall in the price of the product will cause which of the following?
A. Sales volume will increase by 20%
B. Total revenue will decrease by 20%.
C. Sales volume will increase by 5%.
D. Total revenue will increase by 20%.
If the demand for a good is price inelastic, which of the following is true?
A. When the price of the good rises, the quantity demanded falls but total expenditure on the goodincreases.
B. When the price of the good rises, the quantity demanded falls and total expenditure on the gooddecreases.
C. When the price of the good rises, the quantity demanded rises and total expenditure on the goodincreases.
D. When the price of the good rises, the quantity demanded falls but total expenditure on the good is unchanged.
Which of the following is most likely to reduce the price elasticity of demand for a product?
A. Increased passage of time since prices changed
B. Greater availability of substitutes
C. High costs to consumer of switching to a substitute product
D. Lower product differentiation
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