Choose the letter of the correct answer.     ____1. It is designed to measure the response of quantity demanded when price changes. A. Elasticity                            C. Elastic B. Elasticity of Demand       D. Elasticity of Supply      ____2. It is the ratio or percentage in quantity to a percentage change in price along the given                  supply curve. A. Elasticity of Demand      C. Price Elasticity of Supply B. Elasticity of Supply         D. Price Elasticity of Demand      ____3. It focuses on the analysis of the behavior of individual economic agents. A. Economics                      C. Macroeconomics B. Macro aspect                 D. Microeconomics       ____4. It refers to the number of goods and services that a consumer is willing able to purchase. A. Concept of Supply         C. Elasticity of Demand B. Concept of Demand      D. Elasticity of Supply       ____5. It refers to the number of goods and services that a firm is willing and able to offer for sale. A. Concept of Supply         C. Elasticity of Demand B. Concept of Demand       D. Elasticity of Supply

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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Choose the letter of the correct answer.

    ____1. It is designed to measure the response of quantity demanded when price changes.

A. Elasticity                            C. Elastic

B. Elasticity of Demand       D. Elasticity of Supply

     ____2. It is the ratio or percentage in quantity to a percentage change in price along the given

                 supply curve.

A. Elasticity of Demand      C. Price Elasticity of Supply

B. Elasticity of Supply         D. Price Elasticity of Demand

     ____3. It focuses on the analysis of the behavior of individual economic agents.

A. Economics                      C. Macroeconomics

B. Macro aspect                 D. Microeconomics

      ____4. It refers to the number of goods and services that a consumer is willing able to purchase.

A. Concept of Supply         C. Elasticity of Demand

B. Concept of Demand      D. Elasticity of Supply

      ____5. It refers to the number of goods and services that a firm is willing and able to offer for sale.

A. Concept of Supply         C. Elasticity of Demand

B. Concept of Demand       D. Elasticity of Supply

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