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An inferior good will have an YED which is

The short-run PES for Chocolate bars is likely to be:

Elasticity

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A recap of the 4 types of elasticity

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Questions 10

Answers

1
The short-run PES for Chocolate bars is likely to be:
Negative
Positive and low
Positive and high
Equal to one.
2
An inferior good will have an YED which is
Low and positive
Negative
High and positive
Equal to zero
3
PED is always
Negative.
Less than one.
Greater than one.
Positive
4
Which of the following is not an example of an inferior good
Own label discounters
Economy baked beans
Hotel Chocolat chocolates
Urban bus transport
5
The Supply surve in the diagram will have a PES of
Greater than One.
One
Infinity
Zero
6
A perfectly elastic demand curve is
A straight line that passes through the origin.
A curve
Vertical
Horizontal
7
Which of the following is not a factor of PED
Width of definition of the market.
Spare Capacity.
The regularity of purchase.
Whether the product is habit forming.
8
Which of the following is not a determinant of PES
Availability of stocks
Spare Capacity
Whether the product is habit-forming.
The period of time involved
9
Petrol is likely to have a PED which is
Unitary Elastic
Elastic
Inelastic
Highly inelastic
10
The demand curve shown has a PED of:
One
Zero
Infinity
Greater than One