1. The sensitivity of the change in quantity consumed of one good to a change in the price of a related good is called A) cross-elasticity. B) substitute elasticity. C) complementary elasticity. D) price elasticity of demand. 2. The price elasticity of demand is a measure of A) the responsiveness of the quantity demanded to price changes. B) the quantity demanded at a given price. C) the shift in the demand curve when price changes. D) the demand for a product holding price constant. 3. The elasticity of demand for a product is likely to be greater A) the smaller the number of substitute products available. B) the smaller the proportion of one's income spent on the product. C) the larger the number of substitute products available. D) if the product is an imported good rather than a domestically produced good. 4. If the consumption of sugar does not change at all following a price increase from 50 cents "per pound to 65 cents per pound, the demand for sugar Is considered to be A) relatively inelastic. B) perfectly elastic. C) perfectly inelastic. D) unitary elastic