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2. What will happen if the product is inelastic?

  • The %change in quantity demanded will lead to a smaller %change in income.
  • The %change in quantity demanded will lead to a larger %change in price.
  • The %change in price will lead to a smaller %change in quantity demanded.
  • The %change in price will lead to a larger %change in quantity demanded.

3. The elasticity of a product is a 1.5. What is it?

  • Normal Good
  • Necessity Good
  • Luxury Good
  • Inferior Good

4. The elasticity of a product is a -1.5. What is it?

  • Inferior Good
  • Normal Good
  • Necessity Good
  • Luxury Good

5. Which one of these is not a factor that leads to a change in demand?

  • Demographics
  • Wages
  • Advertising and branding
  • External Shocks
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