Elasticity | Test For NTS PPSC FPSC, TEST

The price elasticity of demand is defined as ?

A. the percentage change in the quantity demanded divided by the percentage change in income.
B. the percentage change in income divided by the percentage change in the quantity demanded
C. the percentage change in the quantity demanded of a good divided by the percentage change in the price of that good
D. none of these answers

If a supply curve for a good is price elastic then ?

A. the quantity supplied is sensitive to changes in the price of that good
B. That quantity demanded is insensitive to changes in the price of that good
C. the quantity demanded is sensitive to changes in the price of that good
D. the quantity supplied is incentive to changes in the price of that good
E. None of these

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Category: Elasticity

If a fisher must sell all of his daily catch before it spoils for whatever price he is offered once the fish are caught the fisherman’s price elasticity of supply for fresh fish is ?

The price elasticity of demand is defined as ?

If a small percentage increase in the price of a good greatly reduces the quantity demanded for that good, the demand for that good is ?

in general a flatter demand curve is more likely to be ?

If supply is price inelastic the value of the price elasticity of supply must be ?

A decrease in supply (shift to the left) will increase total revenue in that market if ?

If a supply curve for a good is price elastic then ?

If an increase in the price of a good has no impact on the total revenue in that market demand must be ?

The demand for which of the following is likely to be the most price inelastic ?