Question 15 Which of the following statements is correct? o If the demand for a good is price inelastic, it must be a normal good. O Price elasticity of supply is a quantitative measure of buyers' responsiveness to change in price. O The price of a good and its quantity demanded is positively related. We can conclude that price elasticity of demand cannot be positive. o Price elasticity of supply of a good is defined as percentage change in quantity supplied divided by the percentage change in price.\fO Consumer goods 4 Capital goodsAdam is accepted into the following four universities. He prefers the 4 universities in the following descending order of preference. He can go to only one of the universities. 1. Eastern Washington University 2. Seattle Pacific University 3. UW Seattle 4. Western Washington University What is the opportunity cost for Adam to go to UW Seattle? [ Select ]Question 12 Which of the following statements is correct? Over time, the price elasticity of demand becomes more elastic. O The perfectly inelastic supply curve is horizontal. O The perfectly inelastic demand curve is horizontal. O Over time, the price elasticity of supply becomes more inelastic. O The perfectly elastic demand curve is vertical.Question 16 Which of the following statements is correct? O Price elasticity of supply can never be positive. O We can use income elasticity of demand to determine if two goods are complements. o Cross-price elasticity of demand can never be negative. O Income elasticity of demand can be positive or negative