Elasticity is a measure of the responsiveness of quantity demanded or quantity supplied to one of its determinants. Question 1 options: True False

Total revenue is computed as the quantity of a good sold times the price of that good. Question 2 options: True False

An inferior good is a good for which we buy more as our income increases. Question 3 options: True False

Complimentary goods are related such that the more we buy of one, the more we buy of the other. Question 4 options: True False

A shortage is a situation where the quantity demanded exceeds the quantity supplied. Question 5 options: True False