Price	Quantity Demanded
14	220
16	200
18	180
20	160
22	140

Refer to the information above to answer this question.Over what price range is demandinelasticsmallest?

** (For this question it is ok to DROP the negative sign just like they do in the text - this means that "Inelastic" will be interpreted as LESS than 1 but greater than 0)

Select one:

a.

$14 to $18

b.

$14 to $16

c.

$16 to $18.

d.

$18 to $20.

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Question13

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What is meant by the termsupplyelasticity?

Select one:

a.

The responsiveness of the change in the quantity demanded to a change in price of a product.

b.

The change in quantity supplied as a percentage of the change in the quantity demanded.

c.

The change in the price of a product as a result of a change in the quantity supplied.

d.

The responsiveness of a change in the quantity supplied of a product as a result of a change in price.

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Question14

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Alfred Marshall recognized time in the determination of supply elasticity.During the 'market period' the supply curve is:

Select one:

a.

perfectly elastic.

b.

elastic.

c.

inelastic.

d.

perfectly inelastic.

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Suppose thataverage incomes increased from $30,000 to $34,000, and thequantity demanded of a productincreased from 45 to 55.

What is the value of theincome elasticityof demand?

Select one:

a.

+0.625.

b.

+0.74.

c.

-1.0.

d.

+1.6.