15) Suppose Trader Joe's s supermarket raises the price of its steak and finds its total revenue from steak sales does the not change. This is evidence that price elasticity of demand for steak is: A. elastic. B. inelastic. D. unit elastic. E. none of the above C. zero. 16) t the price elasticty of demand for footbal tckets is estimated to be 4.5,then a 10 percent increase in footbal ticket prices would be expected to cause a A. 4.5 percent decrease in quantity demanded. B. 4.5 percent increase in quantity demanded. C. 45 percent decrease in quantity demanded. D. 45 percent increase in quantity demanded. E. 450 percent increase in quantity demanded Suppose the Good Food supermarket increases the price of a pound of bananas from $.75 to $1.25 and finds that the quantity of bananas it sells per month drops from 1,500 to 1,000. The price elasticity of demand coefficient for bananas in this price range is: 17) A. 0.80. B. 3.00. C. 2.00. D. 0.50 E. none of the above In the long run, price elasticities of demand are usually A. 18) B. C. D. E. less than they are in the short run because people can adjust the same as they are in the short run because tastes don't change greater than they are in the short run because prices rise over time less than they are in the short run because real prices fall over time greater than they are in the short run because consumers have time to adjust Exhibit 5-1 Demand curves 19) In Exhibit 5-1, between points b and c, the price elasticity of demand measures A. 4.27 B. 1.5 C. 1.56 D. 0.42 E. none of the above Which of the following factors is associated with products with a highly price elastic demand? A. 20) Few close substitutes. B. C. A very short time period for consumers to respond to price changes. Many very close substitutes. D. A per unit price that is only a very small portion of most peoples' budgets