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4 Written questions

4 Multiple choice questions

  1. D curve: horizontal
    Consumers' price sensitivity: extreme
    Elasticity: infinity
  2. price times quantity
  3. D curve: relatively flat
    Consumers' price sensitivity: relatively high
    Elasaticity: >1
  4. D curve: intermediate slope
    Consumers' price sensitivity
    Elasticity: 1

4 True/False questions

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

          

  2. perfectly inelastic demandD curve: vertical
    Consumers' price sensitivity: none
    Elasticity: 0

          

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

          

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