In which situation is the demand for a product said to be price elastic?
Select ONE answer:
- A fall in price increases expenditure on the product.
- A fall in price increases quantity demanded.
- A rise in price increases expenditure on the product.
- A rise in price reduces quantity demanded.
Show your workings to arrive at your answer, and explain and justify your reasons:……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
This multiple choice question is suitable for Economics KS4 and KS5 classes.
The answer is 1
- Correct
- Not correct
- Not correct
- Not correct
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