Microeconomics Study Set 10
Quiz 4: Elasticity
A Linear Demand Curve
A linear demand curve: A) has a constant elasticity. B) will be more elastic when price is low and more inelastic when price is high. C) must be either perfectly inelastic or perfectly elastic. D) has a constant slope.
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A linear demand curve has a: A) slope which is the same as the elasticity. B) constant slope, but changing elasticity. C) changing slope, but constant elasticity. D) constant slope and a constant elasticity, but they need not be equal.
Price elasticity of supply: A) is the percentage change in the quantity supplied of a good or service divided by the percentage change in the price of the good or service. B) measures consumers' responsiveness to a change in price. C) is always a negative number. D) is the percentage change in the price of a good or service divided by the percentage change in the quantity supplied of the good or service.
The percentage change in the quantity supplied of a good or service when its price changes by one percent is: A) price elasticity of supply. B) price elasticity of demand. C) cross-price elasticity. D) income elasticity of supply.
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