What does elasticity measure concerning supply or demand?

The quantity consumed in response to price fluctuations.

The extent of responsiveness in supply or demand concerning fluctuations in price.

The total quantity supplied in the market.

The total quantity demanded in the market.

How is elasticity visually represented in a curve?

A perfectly elastic curve is vertical, and a perfectly inelastic curve is horizontal.

A perfectly elastic curve is horizontal, and a perfectly inelastic curve is vertical.

Both perfectly elastic and perfectly inelastic curves are vertical.

Both perfectly elastic and perfectly inelastic curves are horizontal.

What does a flat elastic curve signify?

A flat elastic curve indicates a perfectly elastic situation.

A flat elastic curve indicates a perfectly inelastic situation.

A flat elastic curve indicates a high level of responsiveness to price changes.

A flat elastic curve indicates a low level of responsiveness to price changes.

In the context of demand elasticity, what does a highly elastic demand curve suggest?

A shift in price has a substantial impact on quantity demanded.

Buyers are less sensitive to price fluctuations.

There are limited alternatives or substitutes for the product.

A minor price change significantly impacts the demand.

What does the price elasticity of supply measure?

The extent of responsiveness in supply concerning fluctuations in price.

The total quantity supplied in the market.

The quantity consumed in response to price fluctuations.

The total quantity demanded in the market.

In the case of inelastic demand, what is likely true?

Buyers are highly sensitive to price fluctuations.

Alternatives or substitutes for the product are readily available.

A substantial price jump is necessary to induce changes in demand.

Buyers tend to reduce purchases regardless of price fluctuations.

How is the elasticity coefficient calculated?

By dividing the percentage change in quantity by the percentage change in price.

By subtracting the change in quantity from the change in price.

By multiplying the percentage change in quantity by the percentage change in price.

By adding the percentage change in quantity to the percentage change in price.

Why is elasticity always considered an absolute value?

To ensure consistency in measurement.

Because percentage changes can be positive or negative.

Because percentage changes are always positive.

If Alice's price elasticity of demand is calculated as -0.8, how should this value be interpreted?

Alice's demand is perfectly elastic.

Alice's demand is perfectly inelastic.

Elasticity Free MCQ Practice Test with Solutions

	SSC CGL Tier 2 - Study Material, Online Tests, Previous Year 1365 videos\|1312 docs\|1010 tests

	SSC CGL Tier 2 - Study Material, Online Tests, Previous Year 1365 videos\|1312 docs\|1010 tests

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