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Derived vs. Inelastic Demand in Business Markets

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Why is gasoline an inelastic product?

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1. What does the law of demand suggest?

2. What happens when goods have derived demand?

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About This Quiz & Worksheet

In this quiz and worksheet are short multiple-choice questions designed to quickly check your knowledge of derived and inelastic demand in business markets. These questions cover the law of demand, derived demand, inelastic goods and inversely proportional derived demand.

Quiz & Worksheet Goals

This quiz and worksheet can test your comprehension of the following:

  • What the law of demand suggests
  • What occurs when goods have derived demand
  • Something that happens to demand as price increases for an inelastic good
  • A food or condiment that likely has inversely proportional derived demand to hamburger patties
  • Reason gasoline is an inelastic product

Skills Practiced

  • Information recall - access the knowledge you've gained regarding the law of demand
  • Knowledge application - use your knowledge to answer questions about inelastic goods and products
  • Interpreting information - verify that you can read information regarding inversely proportional derived demand and interpret it correctly

Additional Learning

Paired with this quiz and worksheet is an engaging lesson called Derived vs. Inelastic Demand in Business Markets. Closely examine this lesson to gain greater insight into the following:

  • Role of politicians in the stability of the supply of inelastic demand goods
  • Examples of inelastic goods
  • Difference between inversely proportional and directly proportional market conditions
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