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4 Written questions

4 Multiple choice questions

  1. a numerical measure of the responsiveness of Qd or Qs to one of its determinants
  2. the number halfway between the start & end values, the average of those values
  3. D curve: intermediate slope
    Consumers' price sensitivity
    Elasticity: 1
  4. measures the response of Qd to a change in consumer income

4 True/False questions

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

          

  2. elastic demandD curve: relatively flat
    Consumers' price sensitivity: relatively high
    Elasaticity: >1

          

  3. revenuea numerical measure of the responsiveness of Qd or Qs to one of its determinants

          

  4. perfectly elastic demandD curve: vertical
    Consumers' price sensitivity: none
    Elasticity: 0