The demand schedule for a good: A. indicates the quantity that people will buy at the prevailing price. B. indicates the quantities that suppliers will sell at various market prices. C. is determined primarily by the cost of producing the good. D. indicates the quantities that will be purchased at alternative market prices. The price elasticity of demand measures the: A. responsiveness of quantity demanded to a change in quantity supplied. B. responsiveness of price to a change in quantity demanded. C. responsiveness of quantity demanded to a change in price. D. responsiveness of quantity demanded to a change in income.
The
A. indicates the quantity that people will buy at the prevailing
B. indicates the quantities that suppliers will sell at various market prices.
C. is determined primarily by the cost of producing the good.
D. indicates the quantities that will be purchased at alternative market prices.
The
A. responsiveness of quantity demanded to a change in quantity supplied.
B. responsiveness of price to a change in quantity demanded.
C. responsiveness of quantity demanded to a change in price.
D. responsiveness of quantity demanded to a change in income.
Refer to Figure 3-3. A change from Point A to Point E represents a(n):
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