The price elasticity of demand helps managers estimate the percentage change in demand that results from a given percentage change in price. If this elasticity measure is greater than 1. demand for a product is said to be perfectly inelastic. o elastic inelastic. O perfectly elastic Which of the following is least likely to be relevant in a short- run decision? O Multi-period resources acquired in advance. O Resources acquired as needed. O Single period resources acquired in advance. O All of the above items are equally likely to be relevant. Which of the following statements is true? O Price elasticity of demand is the percent change in price demanded for a given percent change in quantity. O The relationship between supply and demand helps set pricing. O Goods that are price elastic have few substitutes while those that are inelastic have many substitutes. O There are three types of market structure: monopoly, oligopoly, and perfect competition