Answered: 2. PLEASE JUST ANSWER WITH THE ANSWER…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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2. PLEASE JUST ANSWER WITH THE ANSWER WITH AN EXPLANATION. When a significant percentage change in the price results in a small percentage change in the requested quantity of a good, we will say that the demand is: a) inelastic. B) none of these answers. c) with unit elasticity. d) elastic. 3. Which of the following statements is a good way to distinguish a rarity from a shortage A) none of these answers: a rarity and a shortage are essentially the Same thing. b) A rarity cannot be eliminated while a shortage can be eliminated In this case by an increase in the price c) a shortage results from price control, while a rarity results from the fact that sellers prevent a certain amount of the product from being transported to the market •D) a shortage means that you can't have everything you want at a zero price; a rarity means that you can't have everything you want at any price.

Expert Solution

Step 1: Define price

Price refers to the monetary value of the goods and services that a consumer buy from the market. There are various factors that can affect the price level.

Note: Only first question will be answered as per the bartleby guideline.

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