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4 Written Questions

4 Multiple Choice Questions

  1. the number halfway between the start & end values, the average of those values
  2. D curve: intermediate slope
    Consumers' price sensitivity
    Elasticity: 1
  3. -the extent to which close substitutes are available
    -whether the good is a necessity or a luxury
    -how broadly or narrowly the good is defined
    -the time horizon - elasticity is higher in the long run than the short run
  4. measures how much Qd responds to a change in P

4 True/False Questions

  1. elastic demandD curve: relatively steep
    Consumers' price sensitivity: relatively low
    Elasticity: <1

          

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

          

  3. inelastic demandD curve: relatively steep
    Consumers' price sensitivity: relatively low
    Elasticity: <1

          

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

          

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