Answers to items 1 - 4 relate to the topic Price Elasticity of Demand. 1. If an 8% increase in price leads to an 6% decrease in quantity demanded, the absolute value of the price elasticity of demand coefficient is equal to _____ and demand is in the given price range. 2. When consumers are completely responsive to a price change, the demand curve graphs as a(n) line. 3. Demand tends to more more elastic when an item has ______________ substitutes. 4. If a 10% increase in price leads to no change in quantity demanded, demand is . Answers to items 5 - 9 relate to the topic Advertising and Market Structure. Suppose a market is comprised of 5 firms: Firms A & B each have 35% market share and Firms C, D, & E each have 10% market share. 5. The HHI for the market described above is equal to ______________. 6. In terms of concentration, this market is ________________________________. 7. If Firms A and C merge, the HHI is equal to _______________. 8. If Firms C and D merge, the HHI is equal to _______________. 9. A proposed merger between Firms A and C is _________________ to be challenged.