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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

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
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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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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