Demand, supply, elasticity

Question 1 of 10

If price rises by 10% and quantity demanded falls by 20%, price elasticity of demand is

Question 2 of 10

Equilibrium price is the price at which

Question 3 of 10

Income elasticity of demand for an inferior good is

Question 4 of 10

Income rises by 10% and demand for a good falls by 5%. The good is

Question 5 of 10

When demand is elastic, a fall in price will

Question 6 of 10

Derived demand means that the demand for a factor depends on

Question 7 of 10

Which factor will shift the demand curve for rice to the left?

Question 8 of 10

An increase in the cost of production shifts the supply curve

Question 9 of 10

A rise in the price of tea leads to an increase in demand for coffee. Tea and coffee are

Question 10 of 10

A Giffen good is one whose demand