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Side A ------ Side B
the price elasticity of demand coefficient measures ------ buyer responsiveness to price changes.
the basic formula for the price elasticity of demand coefficient is: ------ percentage change in quantity demanded/percentage change in price.
if the price elasticity of demand for a product is 2.5, then a price cut from $2.00 to $1.80 will: ------ increase the quantity demanded by about 25 percent.
which of the following is not characteristic of the demand for a commodity that is elastic? ------ the elasticity coefficient is less than one.
if the demand for product x is inelastic, a 4 percent increase in the price of x will: ------ decrease the quantity of x demanded by less than 4 percent
a perfectly inelastic demand schedule: ------ can be represented by a line parallel to the vertical axis.
the price elasticity of demand of a straight-line demand curve is: ------ elastic in high-price ranges and inelastic on low-price ranges.
a leftward shift in the supply curve of product x will increase equilibrium price to a greater extent the: ------ more inelastic the demand for the product.
the price elasticity of demand is: ------ negative, but the minus sign is ignored.
the price elasticity of demand for beef is about 0.60. other things 
equal, this means that a 20 percent increase in the price of beef will 
cause the quantity of beef demanded to: ------ decrease by approximately 12 percent.
if a demand for a product is elastic, the value of the price elasticity coefficient is: ------ greater than one.
if the price of hand calculators falls from $10 to $9 and, as a result, the quantity demanded increases from 100 to 125, then: ------ demand is elastic.
if the price elasticity of demand for gasoline is 0.20: ------ a 10 percent rise in the price of gasoline will decrease the amount purchased by 2 percent.
moving upward on a downward-sloping straight-line demand curve, we find that price elasticity: ------ increases continuously.
in which price range of the accompanying demand schedule is demand elastic? ------ $4-$3
when the percentage change in price is greater than the resulting percentage change in quantity demanded: ------ an increase in price will increase total revenue.
in which of the following instances will total revenue decline? ------ price rises and demand is elastic
in which of the following instances will total revenue decline? ------ price rises and demand is elastic
if a price reduction reduces a firm's total revenue: ------ the demand for the product is inelastic in this price range.
the demands for such products as salt, bread, and electricity tend to be: ------ Realitivly Inelastic 
The price elasticity of supply measures how:  ------ responsive the quantity supplied of x is to changes in the price of x.
the main determinant of elasticity of supply is the: ------ amount of time the producer has to adjust inputs in response to a price change.
suppose the supply of product x is perfectly inelastic. if there is an 
increase in the demand for this product, equilibrium price: ------ will increase but equilibrium quantity will be unchanged
the supply of known monet paintings is: ------ perfectly inelastic.
if the income elasticity of demand for lard is   3.00, this means that: ------ lard is an inferior good.
the formula for cross elasticity of demand is percentage change in: ------ quantity demanded of x/percentage change in price of y.
the larger the positive cross elasticity coefficient of demand between products x and y, the: ------ greater their substitutability.
we would expect the cross elasticity of demand between dress shirts and ties to be: ------ negative, indicating complementary goods.
is the difference between the maximum prices consumers are willing to pay for a product and the lower equilibrium price. ------ consumer surplus:
refer to the above diagram. if actual production and consumption occur at q3:  ------ an efficiency loss (or deadweight loss) of e + f occurs.

Side A ------ Side B
the price elasticity of demand coefficient measures ------ buyer responsiveness to price changes.
the basic formula for the price elasticity of demand coefficient is: ------ percentage change in quantity demanded/percentage change in price.
if the price elasticity of demand for a product is 2.5, then a price cut from $2.00 to $1.80 will: ------ increase the quantity demanded by about 25 percent.
which of the following is not characteristic of the demand for a commodity that is elastic? ------ the elasticity coefficient is less than one.
if the demand for product x is inelastic, a 4 percent increase in the price of x will: ------ decrease the quantity of x demanded by less than 4 percent
a perfectly inelastic demand schedule: ------ can be represented by a line parallel to the vertical axis.
the price elasticity of demand of a straight-line demand curve is: ------ elastic in high-price ranges and inelastic on low-price ranges.
a leftward shift in the supply curve of product x will increase equilibrium price to a greater extent the: ------ more inelastic the demand for the product.
the price elasticity of demand is: ------ negative, but the minus sign is ignored.
the price elasticity of demand for beef is about 0.60. other things 
equal, this means that a 20 percent increase in the price of beef will 
cause the quantity of beef demanded to: ------ decrease by approximately 12 percent.
if a demand for a product is elastic, the value of the price elasticity coefficient is: ------ greater than one.
if the price of hand calculators falls from $10 to $9 and, as a result, the quantity demanded increases from 100 to 125, then: ------ demand is elastic.
if the price elasticity of demand for gasoline is 0.20: ------ a 10 percent rise in the price of gasoline will decrease the amount purchased by 2 percent.
moving upward on a downward-sloping straight-line demand curve, we find that price elasticity: ------ increases continuously.
in which price range of the accompanying demand schedule is demand elastic? ------ $4-$3
when the percentage change in price is greater than the resulting percentage change in quantity demanded: ------ an increase in price will increase total revenue.
in which of the following instances will total revenue decline? ------ price rises and demand is elastic
in which of the following instances will total revenue decline? ------ price rises and demand is elastic
if a price reduction reduces a firm's total revenue: ------ the demand for the product is inelastic in this price range.
the demands for such products as salt, bread, and electricity tend to be: ------ Realitivly Inelastic 
The price elasticity of supply measures how:  ------ responsive the quantity supplied of x is to changes in the price of x.
the main determinant of elasticity of supply is the: ------ amount of time the producer has to adjust inputs in response to a price change.
suppose the supply of product x is perfectly inelastic. if there is an 
increase in the demand for this product, equilibrium price: ------ will increase but equilibrium quantity will be unchanged
the supply of known monet paintings is: ------ perfectly inelastic.
if the income elasticity of demand for lard is   3.00, this means that: ------ lard is an inferior good.
the formula for cross elasticity of demand is percentage change in: ------ quantity demanded of x/percentage change in price of y.
the larger the positive cross elasticity coefficient of demand between products x and y, the: ------ greater their substitutability.
we would expect the cross elasticity of demand between dress shirts and ties to be: ------ negative, indicating complementary goods.
is the difference between the maximum prices consumers are willing to pay for a product and the lower equilibrium price. ------ consumer surplus:
refer to the above diagram. if actual production and consumption occur at q3:  ------ an efficiency loss (or deadweight loss) of e + f occurs.