Question : Which one is not the type of elasticity of demand?

Option 1: Price elasticity of demand

Option 2: Income elasticity of demand 

Option 3: Cross elasticity of demand 

Option 4: Consumer elasticity of demand

Question : Cross elasticity of demand measures the responsiveness of quantity demanded to changes in:

Option 1: Price of a substitute good.

Option 2: Price of a complementary good.

Option 3: Income.

Option 4: Both a) and b).

Question : The percentage change in _______ divided by the percentage change in _______ is the income elasticity of demand.

Option 1: The quantity demanded; income

Option 2: Income; the price

Option 3: Income; the quantity demanded.

Option 4: The price; income

Question : Which of the following is a characteristic of demand elasticity?

Option 1: It measures the responsiveness of quantity demanded to changes in price.

Option 2: It measures the responsiveness of quantity supplied to changes in price.

Option 3: It measures the responsiveness of demand to changes in income.

Option 4: It measures the responsiveness of demand to changes in the cost of production.

Question : Other things being equal, a decrease in the quantity demanded of a commodity can be caused by:

Option 1: a rise in the price of the commodity.

Option 2: a rise in the income of the consumer.

Option 3: a fall in the price of a commodity.

Option 4: a fall in the income of the consumer.