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AP Microeconomics Price Elasticity of Demand and Supply — practice questions

Explore 1 free Price Elasticity of Demand and Supply questions in AP Microeconomics Economics. Open each question or exercise to read its content, reference answers and available explanation.

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Complete the elasticity formulaRead the answer and worked solution →

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Complete the elasticity formula

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Missing parts
  1. Answer
    quantity demanded
    Choices
    1. quantity demanded
    2. total revenue
    3. income
  2. Answer
    price
    Choices
    1. price
    2. quantity
    3. wages
  3. Answer
    elastic
    Choices
    1. inelastic
    2. elastic
    3. unitary
Complete the statement
Price elasticity of demand is the percentage change in {0} divided by the percentage change in {1}. A value above one means demand is {2}.
Instructions
Tap a term for each blank to complete the price elasticity of demand formula.
_Source: OpenStax Principles of Microeconomics for AP Courses, section 5.1 Price Elasticity of Demand and Price Elasticity of Supply_

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