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4 Written questions

4 Multiple choice questions

  1. measures how much Qs responds to a change in P
  2. D curve: relatively steep
    Consumers' price sensitivity: relatively low
    Elasticity: <1
  3. D curve: relatively flat
    Consumers' price sensitivity: relatively high
    Elasaticity: >1
  4. price times quantity

4 True/False questions

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


  2. price elasticity of demandmeasures the response of Qd to a change in consumer income


  3. midpoint methodthe number halfway between the start & end values, the average of those values


  4. perfectly elastic demandD curve: horizontal
    Consumers' price sensitivity: extreme
    Elasticity: infinity


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