Part A: Multiple choice, mark your answer for each question. (No explanation needed)

1. The producer of fine price:

a) coefficient of change expressed in terms of a monetary value

b) cost plus% profit

c) the intercept between supply and demand

d) coefficient of change between% in dollars and cents due to the change in% of production.

2. Price elasticity

a) It is the quantitative sensitivity relationship between changes in quantity and changes in price

b) It is the quotient of change between price and quantity

c) Indicates the change in price for excise duties, SUT and government taxes

d) Indicates how far I can stretch the dollar in my purchases. when changes in quantity (Q) occur.

3. The price elasticity of supply

a) it measures how much the quantity demanded of a product varies when its price is reduced in the market

b) it measures how much is the fixed cost of reducing the demand for a product in the market

c) it measures how much the quantity produced of a product will increase due to increases in its price in the market

d) measures how much is the variable cost per unit for changes in the price of a product in the market

4. The concept of elastic elasticity refers to:

a) changes in quantity are greater than changes in price

b) changes in quantity are less than changes in price

c) changes in demand are greater than changes in supply

d) changes in demand are less than changes in supply

5. The determinants of the price elasticity of demand

a) fixed and variable costs of production

b) supply and demand for basic necessities in the markets

c) substitute products, time and proportion of related spending in consumer budget

d) tastes and preferences, government taxes, changes in production volume