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

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.

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.