Multiple Choice
The elasticity of demand is used to
A) determine if consumers will or will not buy a product.
B) measure how responsive consumers are to a change in price.
C) determine in what direction the demand curve shifts if income changes.
D) find the market equilibrium.
E) determine if a change in price results in a shortage or a surplus.
Correct Answer:
Verified
Correct Answer:
Verified
Q31: "If the price falls and,as a result,the
Q32: If we ignore the negative or positive
Q33: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1458/.jpg" alt=" The figure
Q34: Many manufactured goods have an _ supply
Q35: If demand is _,a price cut _
Q38: When the percentage change in the quantity
Q39: Along a linear (straight-line)downward-sloping demand curve,demand is
Q40: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB1458/.jpg" alt=" The figure
Q41: The cross elasticity of demand is a
Q441: The demand for oil is inelastic. So,