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4 Written questions

4 Multiple choice questions

  1. measures how much Qd responds to a change in P
  2. D curve: vertical
    Consumers' price sensitivity: none
    Elasticity: 0
  3. D curve: relatively steep
    Consumers' price sensitivity: relatively low
    Elasticity: <1
  4. measures how much Qs responds to a change in P

4 True/False questions

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

          

  2. midpoint methodD curve: relatively flat
    Consumers' price sensitivity: relatively high
    Elasaticity: >1

          

  3. elasticityD curve: relatively flat
    Consumers' price sensitivity: relatively high
    Elasaticity: >1

          

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