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Pregunta 1
Pregunta
Elastic demand is when the percent change in demand is greater than the percent change in price.
Respuesta
- True
- False
Pregunta 2
Pregunta
Inelastic demand is when the percent change in demand is less than the percent change in price.
Respuesta
- True
- False
Pregunta 3
Pregunta
What is elasticity?
Respuesta
-
The percent change in price over the percent change in quantity
-
The responsiveness of one variable to changes in another
-
When demand falls and price increases
Pregunta 4
Pregunta
Elasticity does not measure the extent to which demand will change.
Respuesta
- True
- False
Pregunta 5
Pregunta
The general population is NOT sensitive to changes in air ticket prices.
Respuesta
- True
- False
Pregunta 6
Pregunta
PED makes an inverse relationship between price and demand (if one rises the other falls)
Respuesta
- True
- False
Pregunta 7
Pregunta
If one gets a PED between 0 and -1, the relationship is elastic
Respuesta
- True
- False
Pregunta 8
Pregunta
When PED=0, demand is perfectly inelastic.
Respuesta
- True
- False
Pregunta 9
Pregunta
An elastic demand curve is more vertical in a graph.
Respuesta
- True
- False
Pregunta 10
Pregunta
Businesses will stop buying air tickets if their prices increase.
Respuesta
- True
- False
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