7. A demand curve is described as perfectly elastic if a. the same quantity is purchased regardless of price b. the same price is charged regardless of quantity sold C. neither price nor quantity demanded ever change d. only price can change 8. A price cut will increase the amount of money a firm receives only if demand for its product is a. elastic b. inelastic of unit elasticity d. not enough information 9. Along the elastic portion of a demand curve a. the change in price will be less than the change in quantity demanded b. the percentage change in price will be less than the percentage change in quantity demanded C. the change in price will be more than the change in quantity demanded d. the percentage change in price will be more than the percentage change in quantity demanded H 10. Whenever OPEC raises the price of petroleum, American expenditures on oil imports increase. This suggests that a. the United States's elasticity of demand for imported oil is greater than one b. the United States's elasticity of demand for imported oil is less than one C. imported oil and domestically produced oil are complementary goods d. the short-run elasticity of demand for oil is greater than the long-run elasticity