1. Which of the following is characteristic of a good for which the demand is inelastic? a. Its coefficient is greater than 1. b. Its coefficient is less than 1. c. Its coefficient is equal to 1. d. Its coefficient can be more or less than one, but never equal to 1. 2. Which of the following is characteristic of a good for which the demand is elastic? a. Its coefficient is greater than 1. b. Its coefficient is less than 1. c. Its coefficient is equal to 1. d. Its coefficient can be more or less than one, but never equal to 1. 3. Which of the following is characteristic of a product for which the demand is elastic? a. The demand curve is not affected by elasticity of the product. b. Its demand curve is proportional to both axes. c. Its demand curve is flatter than those of inelastic curves. d. Its demand curve is steeper than those of inelastic curves. 4. Which of the following is characteristic of a product for which the demand is inelastic? a. Its demand curve is proportional to both axes. b. Its demand curve is steeper than those of elastic curves. c. Its demand curve is flatter than those of elastic curves. d. The demand curve is not affected by elasticity of the product