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4 Written questions

4 Multiple choice questions

  1. measures how much Qs responds to a change in P
  2. measures how much Qd responds to a change in P
  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. D curve: relatively steep
    Consumers' price sensitivity: relatively low
    Elasticity: <1

4 True/False questions

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

          

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

          

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

          

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

          

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