Multiple Choice
By knowing how much quantity demanded changes for a given change in price, we can also know
A) exactly which individuals will or will not continue to buy a good whose price has increased.
B) how much quantity supplied changes for a given change in price.
C) how much price changes when the amount of a good available for sale changes.
D) how much supply changes for a given change in price.
E) how much demand changes for a given change in price.
Correct Answer:
Verified
Correct Answer:
Verified
Q1: The minimum wage is an example of
Q2: One of the results of a price
Q4: If a firm wishes to raise the
Q5: Suppose the price of a good falls
Q6: The income elasticity of demand<br>A)is usually zero
Q7: The price elasticity of supply is always
Q8: Other things being equal, the demand for
Q9: Explain why economists care about the price
Q10: The demand for gasoline should be<br>A)less elastic
Q11: If the price elasticity of demand is