UJ United States Coro.. University of Mary!. Question 7 O out of 1 points When the price of a good is $5, the quantity demanded is 120 units per month; when the price is $7, the quantity X demanded is 100 units per month. Using the midpoint method, the price elasticity of demand is about Selected Answer: B. 1.83 Answers: A. 0.55 B. 1.83 C. 0.31 D. 2 Question 8 0 out of 1 points The supply of a good will be more elastic, the X Selected Answer: B. broader is the definition of the market for the good. Answers: A. more the good is considered a luxury. B. broader is the definition of the market for the good. c. larger the number of close substitutes for the good. D. longer the time period being considered. 9:06 PM P 6/12/2022