9. Any situation where quantity supplied does not equal quantity demanded indicates: a. a market equilibrium. b. a situation in which the actions of buyers do not match the actions of sellers. c. a place where the laws of supply and demand do not hold. d. a point where quantity demanded is equal to quantity supplied.
9. Any situation where quantity supplied does not equal quantity demanded indicates:
a. a market equilibrium.
b. a situation in which the actions of buyers do not match the actions of
sellers.
c. a place where the laws of
d. a point where quantity demanded is equal to quantity supplied.
10. Demand is said to be elastic if
a. the price of the good responds substantially to changes in demand.
b. demand shifts substantially when income or the expected future price of the good
changes. buyers do not respond much to changes in the price of the good.
c. buyers respond substantially to changes in the price of the good.
d. the price of the good responds only slightly to changes in demand.
11. Demand is said to be inelastic if
a. buyers respond substantially to changes in the price of the good.
b. demand shifts only slightly when the price of the good changes.
c. the quantity demanded changes only slightly when the price of the good
changes.
d. the price of the good responds only slightly to changes in demand.
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