Homework Chapter 5

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Q Question 1 10 / 10 pts In general, elasticity is a measure of Question 2 10 / 10 pts The price elasticity of demand measures how much Question 3 10 / 10 pts Demand is said to be elastic if Question 4 10 / 10 pts Demand is said to be inelastic if Question 5 10 / 10 pts When quantity demanded responds strongly to changes in price, demand is said to be

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1.how much buyers and sellers respond to changes in market conditions. 2.quantity demanded responds to a change in price. 3.buyers respond substantially to changes in the price of the good. 4.the quantity demanded changes only slightly when the price of the good changes. 5.elastic

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