Elasticity Basics

Price elasticity and consumer responses. Ideal for competitive exams and economics prep.

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QUESTION NO 01

Market equilibrium is where?

Answer: Quantity demanded equals quantity supplied

Equilibrium clears the market at one price/quantity.

Shahzad Mahota @shahzad-mahota

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QUESTION NO 02

A price ceiling set below equilibrium tends to cause?

Answer: A shortage

Quantity demanded exceeds quantity supplied.

Shahzad Mahota @shahzad-mahota

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QUESTION NO 03

A price floor set above equilibrium tends to cause?

Answer: A surplus

Quantity supplied exceeds quantity demanded.

Shahzad Mahota @shahzad-mahota

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QUESTION NO 04

Price elasticity of demand measures?

Answer: Responsiveness of quantity demanded to price changes

Elastic demand responds strongly to price changes.

Shahzad Mahota @shahzad-mahota

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QUESTION NO 05

If demand is perfectly inelastic, the demand curve is?

Answer: Vertical

Quantity demanded does not change with price.

Shahzad Mahota @shahzad-mahota

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QUESTION NO 06

Consumer surplus is?

Answer: Benefit buyers get above what they pay

It is willingness to pay minus actual price.

Shahzad Mahota @shahzad-mahota

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QUESTION NO 07

A firm in perfect competition is a?

Answer: Price taker

Many firms sell identical products at market price.

Shahzad Mahota @shahzad-mahota

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QUESTION NO 08

Monopoly is characterized by?

Answer: A single seller with barriers to entry

A monopolist faces the market demand curve.

Shahzad Mahota @shahzad-mahota

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QUESTION NO 09

Marginal cost is?

Answer: Extra cost of producing one more unit

MC guides short-run output decisions.

Shahzad Mahota @shahzad-mahota

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QUESTION NO 10

A rational consumer maximizes utility subject to?

Answer: Budget constraint

Choices are limited by income and prices.

Shahzad Mahota @shahzad-mahota

302 Quizzes

2930 Questions

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Elasticity Basics

Market equilibrium is where?

A price ceiling set below equilibrium tends to cause?

A price floor set above equilibrium tends to cause?

Price elasticity of demand measures?

If demand is perfectly inelastic, the demand curve is?

Consumer surplus is?

A firm in perfect competition is a?

Monopoly is characterized by?

Marginal cost is?

A rational consumer maximizes utility subject to?

Published By

Shahzad Mahota

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00

00

00

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Elasticity Basics

Market equilibrium is where?

Explanation

A price ceiling set below equilibrium tends to cause?

Explanation

A price floor set above equilibrium tends to cause?

Explanation

Price elasticity of demand measures?

Explanation

If demand is perfectly inelastic, the demand curve is?

Explanation

Consumer surplus is?

Explanation

A firm in perfect competition is a?

Explanation

Monopoly is characterized by?

Explanation

Marginal cost is?

Explanation

A rational consumer maximizes utility subject to?

Explanation

Published By

Shahzad Mahota

00

00

00

00

00

00

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