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