a. The existence of substitutes for a good and the percentage of one's budget spent on the good are among the factors that determine how elastic the demand for the good will be.

Group of answer choices

True

False

b. When the price of a good rises, total revenue will fall if the good is elastic in demand.

Group of answer choices

True

False

c. Suppose that when the price of a good falls from $12 to $9, the quantity demanded of that good rises from 310 units to 350 units.What is the approximate price elasticity of demand between these two prices?

Group of answer choices

0.42

2.36

0.68

3.80

d. For a certain good, when price rises from $90 to $98, quantity demanded falls from 7,400 to 6,500. The price elasticity of demand here is approximately _____________, making the demand for this good ____________ in the price range between $90 and $98.

Group of answer choices

1.52; elastic

1.52; inelastic

0.66; elastic

0.66; inelastic