7.If price elasticity of demand is 0.62, the demand for the commodity is

a. Of unitary elasticity.

b. Price post-elastic.

c. Price inelastic.

d. Price elastic.

e. Price pre-elastic.

8.When a decrease in price produce a decline in the total amount spent on a commodity, demand is said to be

a. Income inelastic.

b. Of unitary elasticity.

c. Price elastic.

d. Price inelastic.

e. Of absolute elasticity.

9.When the total amount spent on a commodity remains unchanged as price is raised or lowered, demand is said to be

Group of answer choices

a. Of absolute elasticity.

b. Income inelastic.

c. Price inelastic.

d. Price elastic

e. Of unitary elasticity.

10.A market consisting of many firms producing a homogenous product, having complete knowledge of relevant information, no power over the product's market price, and low barriers to entry is characteristic of

a. Perfect competition.

b. Monopoly.

c. Monopolistic competition.

d. Oligopoly.

e. None of the above.

12.Which set of characteristics best identifies an oligopoly market

a. Many firms, homogeneous product, significant barriers to entry, significant non-price competition, and considerable power over price.

b. Few firms, differentiated product, no barriers to entry, the absence of non-price competition, and considerable advertising.

c. One firm producing a product with no close substitutes, significant barriers to entry, and considerable power over price.

d. Few firms, differentiated product, significant barriers to entry, and significant amounts of non-price competition.

e. Many firms, differentiated product, few barriers to entry, and non-price competition.