Elasticity of demand - self-test
1 |
Price elasticity definitionWhich of the following is the formula we use for price elasticity? |
2 |
InelasticA product is said to be inelastic when its: |
3 |
InelasticWhich of the following would NOT be an influence on the price elasticity of a product? |
4 |
Revenue and elasticityThe impact on a firm's total revenue of an increase in price in an elastic market would be: |
5 |
Elasticity and product life cycleIn which phase of the product life cycle would a product be MORE likely to be inelastic? |