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4 Written questions
4 Multiple choice questions
 D curve: horizontal
Consumers' price sensitivity: extreme
Elasticity: infinity  D curve: vertical
Consumers' price sensitivity: none
Elasticity: 0  D curve: relatively steep
Consumers' price sensitivity: relatively low
Elasticity: <1  D curve: intermediate slope
Consumers' price sensitivity
Elasticity: 1
4 True/False questions

determinants of price elasticity → a numerical measure of the responsiveness of Qd or Qs to one of its determinants

revenue → a numerical measure of the responsiveness of Qd or Qs to one of its determinants

income elasticity of demand → measures how much Qd responds to a change in P

price elasticity of supply → measures how much Qd responds to a change in P