[Quiz Unit 3 – BUS 1103 Microeconomics] | Complete [Microeconomics Study Guide] | Verified [2025–2026 College Exam Prep Resource]

Quiz Unit 3 - BUS 1103 Microeconomics


● Question 1Not answeredMarked out of 1.00Flag question
● Question text
● Substitute goods have negative cross-price elasticities of demand.
● Select one:
● a. True
● b. False
● Feedback
● The correct answer is: False
● Question 2Not answeredMarked out of 1.00Flag question
● Question text
● Elasticities are often higher in the short run than in the long run.
● Select one:
● a. True
● b. False
● Feedback
● The correct answer is: False
● Question 3Not answeredMarked out of 1.00Flag question
● Question text
● Perfect inelasticity is a percentage change in price, no matter how large, results in
zero change in quantity.
● Select one:
● a. True
● b. False
● Feedback
● The correct answer is: True
● Question 4Not answeredMarked out of 1.00Flag question
● Question text
● The name for this equation is: _________________ = (% change in Qd of good A)
(% change in price of good B)
● Select one:
● a. Cross-price elasticity of demand
● b. Income elasticity of demand
● c. Price elasticity
● Feedback
● The correct answer is: Cross-price elasticity of demand

, ● Question 5Not answeredMarked out of 1.00Flag question
● Question text
● Inelasticity demand is when the elasticity of demand is greater than one, indicating a
high responsiveness of quantity demanded or supplied to changes in price.
● Select one:
● a. True
● b. False
● Feedback
● The correct answer is: False
● Question 6Not answeredMarked out of 1.00Flag question
● Question text
● Which elasticity can be described as not very responsive?
● Select one:
● a. Elastic
● b. Unitary
● c. Inelastic
● Feedback
● The correct answer is: Inelastic
● Question 7Not answeredMarked out of 1.00Flag question
● Question text
● A_______________is when a given percent price change in price leads to an equal
percentage change in quantity demanded or supplied.
● Select one:
● a. Elastic demand
● b. Inelastic supply
● c. Constant unitary elasticity
● Feedback
● The correct answer is: Constant unitary elasticity
● Question 8Not answeredMarked out of 1.00Flag question
● Question text
● What is an example of inelasticity good?
● Select one:
● a. Diamond ring
● b. Prescription medication
● c. None of the above
● Feedback
● The correct answer is: Diamond ring
● Question 9Not answeredMarked out of 1.00Flag question
● Question text
● A higher level of income causes a demand curve to shift to the right for a normal
good, which means that the income elasticity of demand is positive.
● Select one: