NAME: ________________________

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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: vertical
    Consumers' price sensitivity: none
    Elasticity: 0
  3. measures the response of Qd to a change in consumer income
  4. D curve: relatively steep
    Consumers' price sensitivity: relatively low
    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. unit elastic demandD curve: intermediate slope
    Consumers' price sensitivity
    Elasticity: 1

          

  4. midpoint methodD curve: relatively flat
    Consumers' price sensitivity: relatively high
    Elasaticity: >1

          

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