Econ102_ Lesson 04 Quiz.pdf - Nneka Kellam's Quiz History Lesson 04 Quiz Lesson 04 Quiz Results for Nneka Kellam Score for this attempt 9 out of 10

Econ102_ Lesson 04 Quiz.pdf - Nneka Kellam's Quiz History...

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10/24/2019 Nneka Kellam's Quiz History: Lesson 04 Quiz 1/7 Lesson 04 Quiz Results for Nneka Kellam Score for this attempt: 9 out of 10 Submitted Sep 29 at 7:48pm This attempt took 15 minutes. 1 / 1 pts Question 1 The price elasticity of demand measures the responsiveness of quantity demanded to a change in a good’s own price Correct! consumer income consumer tastes the price of a competing product The price elasticity of demand measures the magnitude of the change in quantity demanded resulting from a change in price. 1 / 1 pts Question 2 A good that is a luxury is likely to have a relatively _______ demand. inelastic elastic Correct! Correct! unit elastic perfectly inelastic
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10/24/2019 Nneka Kellam's Quiz History: Lesson 04 Quiz 2/7 If a good is a luxury, people will reduce consumption by a lot when the price rises. 1 / 1 pts Question 3 Assume that the absolute value of the price elasticity of demand for a slice of pizza is 4. If price decreases by 3%, by how much does quantity demanded increase?
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