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4 Written questions

4 Multiple choice questions

  1. D curve: horizontal
    Consumers' price sensitivity: extreme
    Elasticity: infinity
  2. D curve: vertical
    Consumers' price sensitivity: none
    Elasticity: 0
  3. D curve: relatively steep
    Consumers' price sensitivity: relatively low
    Elasticity: <1
  4. D curve: intermediate slope
    Consumers' price sensitivity
    Elasticity: 1

4 True/False questions

  1. determinants of price elasticitya numerical measure of the responsiveness of Qd or Qs to one of its determinants

          

  2. revenuea numerical measure of the responsiveness of Qd or Qs to one of its determinants

          

  3. income elasticity of demandmeasures how much Qd responds to a change in P

          

  4. price elasticity of supplymeasures how much Qd responds to a change in P

          

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