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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. D curve: relatively steep
    Consumers' price sensitivity: relatively low
    Elasticity: <1
  3. the number halfway between the start & end values, the average of those values
  4. D curve: intermediate slope
    Consumers' price sensitivity
    Elasticity: 1

4 True/False questions

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

          

  2. perfectly inelastic demandD curve: horizontal
    Consumers' price sensitivity: extreme
    Elasticity: infinity

          

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

          

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