Economics Multiple Choice Question – 16 August 2018

The home of multiple choice questions for all your KS3, KS4 and KS5 Business Studies, Economics and Accounting requirements.

If the price of petrol fell from £1.35 to £1.25 per litre, your expenditure on gasoline would increase if your price elasticity of demand for petrol equals…….

Select ONE answer:

  1. 1.1
  2. 0.9
  3. 1.0
  4. Total revenue would increase at all of the above elasticities.

Show your workings to arrive at your answer, and explain and justify your reasons:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This is a multiple choice question is suitable for Economics KS5 classes.

The answer is 1

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