Specify if the follwoing questions are True/False ?

1. Price elasticity of demand is a measure of the relative responsiveness of the change in quantity demanded to a change in price.

2. A perfectly inelastic demand curve is vertical.

3. Price floors get their name from the fact that they represent a minimum price below which the legal price cannot fall.

4. Price ceilings cause surpluses.

5. One common example of a price ceiling is rent control.