Decision Making Paper 7

1

If a product has a price elasticity of demand of 2.0, the demand is said to be






2

When a 5% fall in the price of velcro shoes causes the quantity demanded to increase by 10%, the demand for velcro shoes is said to be






3

If oil producers and retailers were to increase the price of gasoline for cars during the summer season by $.05 per gallon, these suppliers anticipate that the demand for gasoline






4

If the price of apples declines and total revenue received by the firm increases, the






5

If a product’s demand is elastic and there is a decrease in price the effect will be






6

Suppose that a stairway manufacturer’s price elasticity of demand was inelastic. If this manufacturer decided to increase the price of its stairways, what should have been the result?






7

If demand for a product is elastic, which one of the following would be true?






8

The price elasticity of demand is most appropriately defined as the






9

Which one of the following statements is the best definition of inelastic demand?






10

Buyer-based pricing involves






Result

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