Income elasticity of demand measures how ___________________. Question 8 options: responsive the demand for one good is relative to changes in the price of another good responsive the demand for a good is relative to changes in consumers income producers change their quantity supplied relative to changes in consumer incomes responsive consumer income is relative to the changes price of a good Save Question 9(2 points) Demand is inelastic if Question 9 options: the percentage change in quantity demanded is greater than the percentage change in price. the elasticity of demand is greater
Income elasticity of demand measures how ___________________. Question 8 options: responsive the demand for one good is relative to changes in the price of another good responsive the demand for a good is relative to changes in consumers income producers change their quantity supplied relative to changes in consumer incomes responsive consumer income is relative to the changes price of a good Save Question 9(2 points) Demand is inelastic if Question 9 options: the percentage change in quantity demanded is greater than the percentage change in price. the elasticity of demand is greater than 1. the demand for the good is very sensitive to changes in price. the percentage change in quantity demanded is less than the percentage change in price. Save Question 10(2 points) If an ice cream store owner raises the price of ice cream in order to raise revenue to buy a new freezer, she is assuming the price elasticity of demand for ice cream is Question 10 options: elastic inelastic income elastic revenue elastic Save Question 11(2 points) Which would most likely have the greatest price elasticity of demand? Question 11 options: expensive cars paper clips gasoline Insulin (diabetes medicine) Save Question 12(2 points) If the price of phones increases by 5% and quantity demanded decreases by 1%, then the price elasticity of demand for phones is Question 12 options: inelastic. unit elastic. elastic. perfectly inelastic Save Question 13(2 points) Which of the following statements is most unlikely to be true regarding elasticity? Question 13 options: the demand for luxury goods tends to be more elastic than necessities the greater the number of uses for a good, the more elastic demand will be very expensive items tend to be more demand elastic than very inexpensive items the elasticity of supply is more elastic in the market period than in the long run. Save Question 14(2 points) Christmas tree growers will be raising their prices this year in order to raise revenues to cover their higher property taxes. The growers are assuming that the demand for Christmas trees is Question 14 options: elastic inelastic unit elastic income elastic Save Question 15(2 points) If the income elasticity of demand is a negative number, we can conclude that Question 15 options: the product is considered an inferior good the demand for the product is not responsive to income changes the product is considered a normal good the demand for the product is very responsive ot income changes.
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