1) Price elasticity of demand may be defined as: a) the quantity that will be purchased after an increase in price b) the quantities that consumers will purchase at various prices c) the responsiveness of quantity demanded after a change in price d) the responsiveness of demand to a change in the availability of a substitute product 2) If a decrease in price of 10 percent results in an increase in quantity demanded of 8 percent, the demand is: a) elastic b) inelastic c) of zero elasticity d) of unitary elasticity 3) Demand tends to be more elastic for goods that: a) are basic necessities b) are very inexpensive c) have a close substitute available d) are complementary goods 4) If an entrepreneur were planning to decrease the price of a product, the entrepreneur would hope that customers were: a) irrational b) likely to have a high income elasticity of demand for the product c) on an elastic section of the demand curve for the product d) on an inelastic section of the demand curve for the product 5) When Queensland Rail increases ticket prices, it usually experiences a fall in revenue. This suggests that the demand for public transport: a) is inelastic b) is elastic c) is of unitary elasticity d) has increased 6) Supply for a good is said to be elastic if: a) quantity changes by a bigger proportion than price b) quantity changes by a smaller proportion than price c) quantity changes by the same proportion as price d) price changes by a smaller proportion than quantity 7) Which of the following tends to be income elastic? a) Champagne b) Luxury cars c) Fillet steak d) Bread 8) If fruit growers take fruit to the market and can sell their entire loads at the going price, as far as they are concerned the demand curve on that day is: a) perfectly inelastic at the market price b) perfectly elastic at the market price c) unit elastic at the market price d) none of the above 9) To a consumer who uses either butter or margarine, both of these goods will most likely have a demand that is: a) very price elastic b) very price inelastic c) slightly price elastic d) slightly price inelastic

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