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4 Written questions

4 Multiple choice questions

  1. D curve: vertical
    Consumers' price sensitivity: none
    Elasticity: 0
  2. D curve: relatively flat
    Consumers' price sensitivity: relatively high
    Elasaticity: >1
  3. D curve: horizontal
    Consumers' price sensitivity: extreme
    Elasticity: infinity
  4. price times quantity

4 True/False questions

  1. price elasticity of demandmeasures how much Qd responds to a change in P

          

  2. unit elastic demandD curve: intermediate slope
    Consumers' price sensitivity
    Elasticity: 1

          

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

          

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