The price elasticity of demand measures how much ( )
A. quantity demanded responds to a change in price.
B. quantity demanded responds to a change in income.
C. price responds to a change in demand.
D. demand responds to a change in supply.
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When consumers face rising gasoline prices, they typically ( )
A. reduce their quantity demanded more in the long run than in the short run.
B. reduce their quantity demanded more in the short run than in the long run.
C. do not reduce their quantity demanded in the short run or the long run.
D. increase their quantity demanded in the short run but reduce their quantity demanded in the long run.
Which of the following statements about the price elasticity of demand is correct? ( )
A. The price elasticity of demand for a good measures the willingness of buyers of the good to buy less of the good as its price increases.
B. Price elasticity of demand reflects the many economic, psychological, and social forces that shape consumer tastes.
C. Other things equal, if good x has close substitutes and good y does not have close substitutes, then the demand for good x will be more elastic than the demand for good y.
D. All of the above are correct.
Which of the following is likely to have the most price elastic demand? ( )
A. Lattés
B. doctor’s visits
C. eggs
D. natural gas
The midpoint method is used to compute elasticity because it ( )
A. automatically computes a positive number instead of a negative number.
B. results in an elasticity that is the same as the slope of the demand curve.
C. gives the same answer regardless of the direction of change.
D. automatically rounds quantities to the nearest whole unit.
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