C4_Pre-Test - Pre-Test...

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Pre-Test (See related pages) 1 Market demand is: A) the total quantities of a good or service people are willing and able to buy at alternative prices in a given time period. B) the sum of all individual demands. C) the total demand for a particular good or service. D) All of the above are true. 2 What determines what we buy? A) The sociopsychiatric explanation B) The economic explanation C) Both of these are true. D) Neither of these is true. 3 Elasticity means _____. A) satisfaction. B) responsiveness. C) output. D) productivity. 4 If demand is inelastic, it means that consumers are _____ to price changes. A) insensitive B) not very responsive C) very sensitive D) Both A and B are true 5 It is a good idea to cut the price of a good if the demand is: A) elastic. B) inelastic. C) unitary elastic. D) It is never a good idea to cut the price. 6 Price times the quantity sold equals: A) total cost. B)
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C4_Pre-Test - Pre-Test...

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