1) A measure of how much buyers and sellers respond to changes in market conditions or changes in determinants. a) Elasticity b) Demand Elasticity 2) It is the responsiveness of consumers' demand to a change in their income. a) Income Elasticity b) Cross Price Elasticity 3) It is the responsiveness of demand for a certain good, in relation to changes in the price of related goods. a) Income Elasticity b) Cross Price Elasticity 4) An elasticity of 1.0 or greater a) Elastic Demand b) Inelastic Demand 5) An elasticity between 0, less than 1.0  a) Elastic Demand b) Inelastic Demand 6) The change in quantity supplied is equal to the change in price. a) Unitary Demand b) Unitary Supply 7) Arc Elasticity formula that means original quantity demanded is the? a) P1 b) Q1 8) Arc Elasticity formula that means new quantity demanded is the? a) P1 b) Q1 9) What happens to the Elasticity of Demand if there are many substitutes for a good? Is it elastic or inelastic? a) Elastic Demand b) Inelastic Demand 10) What type of demand would there be for a good that had no substitutes? a) Elastic Demand b) Inelastic Demand 11) The computed value of the price is always positive, due to the positive relationship of price and demand. a) True b) False 12) Price changes have no effect at all on quantity supplied. a) Perfectly Elastic Supply b) Perfectly Inelastic Supply 13) Any amount will be demanded at the prevailing price. a) Perfectly Elastic Demand b) Perfectly Inelastic Demand 14) If the change in quantity demanded is equal to the change in price. a) Unitary Demand b) Perfectly Inelastic Demand 15) Refers to the reaction or response of sellers or producers to price changes of goods sold. a) Demand Elasticity b) Supply Elasticity

G12 Q2 SW 1

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