If demand is perfectly inelastic... Group of answer choices The good has many perfect substitutes The demand curve is horizontal Any increase in price will cause quantity demanded to fall to zero. Quantity demanded will not change when there is a change in price.

Pick an answer  Demand for good X is perfectly elastic. Currently, the price of good X is $5 and quantity demanded is 100,000. If the price increases to $7, quantity demanded will be:     0   60,000   100,000   Impossible to determine.

The supply curve will be more price elastic if the good has few substitutes the time the producer has to adjust is long demand is price elastic demand is price inelastic

B) When the price of Good A is $27, the quantity demanded of Good B is 1,200 units. When the price of Good A falls to $23 the quantity demanded of Good B falls to 800 units. i. Calculate the cross elasticity of demand ii. Are the goods substitutes or complements? Explain your choice. iii. Explain how cross elasticity of demand is used. vi. Explain how income elasticity of demand is used.

Which of the following must be true if good X is a normal good and income increases? Group of answer choices The demand for X will increase, and thus the price and quantity sold and bought willincrease. The demand for X will decrease, and thus the price and quantity sold and bought willdecrease. The demand for X will increase, and thus the price and quantity sold and bought willdecrease. The demand for X will decrease, and thus the price and quantity sold and bought willincrease.

The Demand for a good always increase with the increase in the prices of other goods True/False

Which of the following conditions would result in a higher price elasticity of demand? a longer period of time all of these the good makes up a large portion of one's budget more substitutes

Demand is said to be _____________ when the quantity demanded is not very responsive to changes in price.   Group of answer choices   inelastic   independent   unit elastic   elastic

Demand for good X is perfectly elastic. Currently, the price of good X is $5 and quantity demanded is 100,000. If the price increases to $7, quantity demanded will be:   Question 13 options:   0   60,000   100,000   Impossible to determine.

If a change in the price of a good causes no change in total revenue a)  the demand for the good must be inelastic. b)  the demand for the good must be unit elastic. c)  the demand for the good must be elastic. d)  not possible to guage.