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4 Written questions

4 Multiple choice questions

  1. D curve: intermediate slope
    Consumers' price sensitivity
    Elasticity: 1
  2. D curve: vertical
    Consumers' price sensitivity: none
    Elasticity: 0
  3. price times quantity
  4. the number halfway between the start & end values, the average of those values

4 True/False questions

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


  2. determinants of price elasticitya numerical measure of the responsiveness of Qd or Qs to one of its determinants


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


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


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