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.
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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.
Suppose that when the price of good X falls from $10 to $8, the quantity demanded of good Y rises from 20 units to 25 units. Using the midpoint method, the cross-price elasticity of demand is ( )
A. -1.0, and X and Y are complements.
B. -1.0, and X and Y are substitutes.
C. 1.0, and X and Y are complements.
D. 1.0, and X and Y are substitutes.
For two individuals who engage in the same two productive activities, it is impossible for one of the two individuals to ( )
A. have a comparative advantage in both activities.
B. have an absolute advantage in both activities.
C. be more productive per unit of time in both activities.
D. gain from trade with each other.
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