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Feb 20, 2024

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uestion 5 10 / 10 poi Price elasticity of demand measures the responsiveness of the change in: Question options: quantity demanded to a change in price. price to a change in quantity demanded. slope of the demand curve to a change in price. slope of the demand curve to a change in quantity demanded. Question 6 0 / 10 points The price elasticity of demand is: Question options: always positive. always greater than 1. usually equal to 1. always negative. Question 7 0 / 10 points A men's tie store sold an average of 30 ties per day when the price was $5 per tie but sold 50 of the same ties per day when the price was $3 per tie. Hence, the absolute value of the price elasticity of demand is: Question options: greater than zero but less than 1. equal to 1. greater than 1 but less than 3. greater than 3. Question 8 0 / 10 points If the total revenue received by a firm does not change when it raises its price, this indicates that the demand for the firm's product is: Question options:

unstable. price inelastic. price elastic. unit price elastic

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