4147576
Frage 1
Frage
When the price elasticity of demand is between 0 and 1 it is
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inelastic
-
elastic
-
unit elastic
Frage 2
Frage
Price elasticity of demand has an inverse relationship
Antworten
- True
- False
Frage 3
Frage
If the elasticity is unit elastic, and the quantity demanded increases by 20%, then the price must increase by 20%
Antworten
- True
- False
Frage 4
Frage
The equation for finding a percentage change is
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old-new/new
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(new-old/old) *100
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new-old/old
Frage 5
Frage
bread and cream cheese have an xed of -0.7. They are
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weak or no subsitutes
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strong subsitutes
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weak or no complements
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strong complements
Frage 6
Frage
The reasons for why ped changes are
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stock
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time
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capacities
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substituion of capital labor
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choice
Frage 7
Frage
The unit elastic graph of ped starts at the origin
Antworten
- True
- False
Frage 8
Frage
If a scarf has an elasticity of 1.6, it is a
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Normal necessity good
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Normal inferior good
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Normal luxury good
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Inferior good
Frage 9
Frage
If a good is inelastic, it's not responsive to price
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- True
- False
Frage 10
Frage
In a xed graph, two goods with no relationship would look like a horizontal line
Antworten
- True
- False
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