The price elasticity of demand is a measure of

Question 1 options:

	the demand for a product holding prices constant.
	the responsiveness of the quantity demanded of a good to a changes in the price of the good.
	the horizontal shift in the demand curve when the price of a good changes.
	the quantity demanded of a good at a given price.

The price elasticity of demand is the

Question 2 options:

	percentage change in price divided by the percentage change in quantity demanded.
	change in price divided by the change in quantity demanded.
	change in quantity demanded divided by the change in price.
	percentage change in quantity demanded divided by the percentage change in price.

When demand is elastic,

Question 3 options:

	quantity demanded is not very responsive to a change in price.
	quantity demanded is very responsive to a change in price.
	the proportional change in quantity demanded is equal to the proportional change in price.
	producers react quickly to price changes.

When demand is inelastic,

Question 4 options:

	the proportional change in quantity demanded is equal to the proportional change in price.
	quantity demanded is not very responsive to a change in price.
	producers react quickly to price changes.
	quantity demanded is very responsive to a change in price.

When very few substitutes for good exist, demand will be

Question 6 options:

	inelastic.
	elastic.
	perfectly elastic.
	unit-elastic.