Choose the letter of the correct answer. ____1. It is designed to measure the response of quantity demanded when price changes. A. Elasticity C. Elastic B. Elasticity of Demand D. Elasticity of Supply ____2. It is the ratio or percentage in quantity to a percentage change in price along the given supply curve. A. Elasticity of Demand C. Price Elasticity of Supply B. Elasticity of Supply D. Price Elasticity of Demand ____3. It focuses on the analysis of the behavior of individual economic agents. A. Economics C. Macroeconomics B. Macro aspect D. Microeconomics ____4. It refers to the number of goods and services that a consumer is willing able to purchase. A. Concept of Supply C. Elasticity of Demand B. Concept of Demand D. Elasticity of Supply ____5. It refers to the number of goods and services that a firm is willing and able to offer for sale. A. Concept of Supply C. Elasticity of Demand B. Concept of Demand D. Elasticity of Supply
Choose the letter of the correct answer.
____1. It is designed to measure the response of quantity demanded when price changes.
A. Elasticity C. Elastic
B. Elasticity of Demand D. Elasticity of Supply
____2. It is the ratio or percentage in quantity to a percentage change in price along the given
supply curve.
A. Elasticity of Demand C. Price Elasticity of Supply
B. Elasticity of Supply D.
____3. It focuses on the analysis of the behavior of individual economic agents.
A. Economics C.
B. Macro aspect D.
____4. It refers to the number of goods and services that a consumer is willing able to purchase.
A. Concept of Supply C. Elasticity of Demand
B. Concept of Demand D. Elasticity of Supply
____5. It refers to the number of goods and services that a firm is willing and able to offer for sale.
A. Concept of Supply C. Elasticity of Demand
B. Concept of Demand D. Elasticity of Supply
Step by step
Solved in 2 steps
