percentage change in price, no matter how large, results in zero change in quantity. 6 Question 6 (3 points) 9 Select the term that fits best with each statement. 12 1. is equal to price times the quantity sold. 15 price elasticity of demand 2. is a key concept in thinking about collecting the most revenue because profit demand elasticity at particular price levels 18 will determine the percentage increase/decrease in the quantity sold total revenue thus raising or lowering total revenue. 21 3. Total revenue minus total cost is equal to 24 Question 7 (1 point) The slope of the PPF gives the of producing an additional unit of one good