econs 1b03 elasticity quiz 2

econs 1b03 elasticity quiz 2 - Elasticity Quiz Multiple...

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Unformatted text preview: Elasticity Quiz Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. The price elasticity of demand measures how much a. quantity demanded responds to a change in price. b. quantity demanded responds to a change in income. c. price responds to a change in demand. d. demand responds to a change in supply. ____ 2. The demand for Werthers candy is likely a. elastic because candy is expensive relative to other snacks. b. elastic because there are many close substitutes for Werthers. c. elastic because Werthers are regarded as a necessity by many people. d. inelastic because it is usually eaten quickly, making the relevant time horizon short. ____ 3. A good will have a more inelastic demand, a. the greater the availability of close substitutes. b. the broader the definition of the market. c. the longer the period of time. d. the more it is regarded as a luxury....
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This note was uploaded on 06/29/2011 for the course ECON 1B03 taught by Professor Hannahholmes during the Spring '08 term at McMaster University.

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econs 1b03 elasticity quiz 2 - Elasticity Quiz Multiple...

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