Elasticity is a measure of the responsiveness of quantity demanded or quantity supplied to one of its determinants.

True

False

Total revenue is computed as the quantity of a good sold times the price of that good.

True

False

An inferior good is a good for which we buy more as our income increases.

True

False

Complimentary goods are related such that the more we buy of one, the more we buy of the other.

True

False

A shortage is a situation where the quantity demanded exceeds the quantity supplied.

True

False