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Which of the following statements is true? a) If the PED for a product is less than zero, the demand for the product is said to be inelastic b) If the PED for a product is greater than zero, the demand for the product is said to be elastic c) The flatter the demand curve the more inelastic the demand for the product d) If the product is a necessity, then the demand tends to be more inelastic The Consumer Surplus is a) the difference between what a consumer wishes to buy and what he can afford to buy b) the difference between what the consumer plans to buy and what he actually buys c) the difference between what the consumers is willing to pay for a product and what he pays d) the difference between what the consumer is able to pay and what he actually pays

Which of the following statements is true? a) If the PED for a product is less than zero, the demand for the product is said to be inelastic b) If the PED for a product is greater than zero, the demand for the product is said to be elastic c) The flatter the demand curve the more inelastic the demand for the product d) If the product is a necessity, then the demand tends to be more inelastic The Consumer Surplus is a) the difference between what a consumer wishes to buy and what he can afford to buy b) the difference between what the consumer plans to buy and what he actually buys c) the difference between what the consumers is willing to pay for a product and what he pays d) the difference between what the consumer is able to pay and what he actually pays

Microeconomics: Private and Public Choice (MindTap Course List)
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter7: Consumer Choice And Elasticity
Section: Chapter Questions
Problem 13CQ: Suppose Erin, the owner-manager of a local hotel projects the following demand for her rooms: a....
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Which of the following statements is true?

a) If the PED for a product is less than zero, the demand for the product is said to be inelastic
b) If the PED for a product is greater than zero, the demand for the product is said to be elastic
c) The flatter the demand curve the more inelastic the demand for the product
d) If the product is a necessity, then the demand tends to be more inelastic


The Consumer Surplus is

a) the difference between what a consumer wishes to buy and what he can afford to buy
b) the difference between what the consumer plans to buy and what he actually buys
c) the difference between what the consumers is willing to pay for a product and what he pays
d) the difference between what the consumer is able to pay and what he actually pays

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