Ch 5 - Revision Questions

Ch 5 - Revision Questions - Ch 5 - Revision Questions DL-S...

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Ch 5 - Revision Questions DL-S 06/11/09 1. If a small percentage increase in the price of a good greatly reduces the quantity demanded for that good, the demand for that good is: a. price inelastic b. price elastic c. unit price elastic d. income elastic e. income inelastic 2. The price elasticity of demand is defined as: a. the percentage change in the price of a good divided by the percentage change in the quantity demanded of the good. b. the percentage change in income divided by the percentage change in the quantity demanded. c. the percentage change in the quantity demanded of a good divided by the percentage change in the price of that good. d. the percentage change in the quantity demanded divided by the percentage change in income. 3. In general, a flatter demand curve is more likely to be: a. price inelastic b. price elastic c. unit price elastic d. none of the above 4. In general, a steeper supply curve is more likely to be: a. price inelastic b. price elastic c. unit price elastic
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This note was uploaded on 03/18/2012 for the course ITEC 3290 taught by Professor Dunn during the Spring '12 term at East Carolina University .

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Ch 5 - Revision Questions - Ch 5 - Revision Questions DL-S...

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