Question

29) The quantity associated with any particular price in a demand schedule tells us:
A) the demand for the product at that price
B) the quantity of the product demanded at that price
C) the quantity actually bought at that price
D) all of the above
30) The demand curve is a:
A) graphical representation of the quantity demanded at a given price
B) graphical representation of the various quantities that will remain unsold because buyers are
unwilling to pay the price
C) graphical representation of the various quantities that consumers will be willing and able to
buy at various prices
D) graph showing the various quantities that will be bought as income changes

31) The concept of elasticity applies to:
A) demand but not supply
B) supply but not demand
C) both demand and supply
D) macroeconomics, but not to concepts studied in microeconomics
32) Elasticity is:
A) the extent to which an item can stretch
B) the amount of price variability when income changes
C) the extent to which a firm can increase its output of goods and services
D) the extent to which one variable responds to a change in some other variable

Answer 1