which of the following sentences is True or False

4. By comparing the cost and benefit of a small change you are making your choice at the margin.

5. The price elasticity of demand is the same as the slope of the demand curve.

6. The price elasticity of demand ranges from 0 to .

7. The more demanders respond to a price change, the larger the price elasticity of demand.

8. If the price elasticity of demand is positive, the demand is elastic.

9. Exxon gasoline is likely to have an elastic demand.

10. Moving along a linear demand curve to lower prices and increased quantities, the price elasticity of demand does not change.

11. People spend more on rent than on soap, so the price elasticity of demand for housing is likely to be larger than the price elasticity of demand for soap.

12. The price elasticity of demand for food is largest in poor nations.

13. As more time passes after a price change, the price elasticity of demand becomes smaller.

14. Your local Domino's Pizza outlet estimates that the price elasticity of demand for its pizzas is 4.00, so if it raises the price it charges for its pizza, its total revenue will increase.

15. The cross elasticity of demand between hot dogs and hot dog buns is negative.

16. A product that has an elastic demand if its income elasticity of demand exceeds 1.0.

17. An inferior good has an income elasticity that is negative; a normal good has an income elasticity that is positive.

18. The elasticity of supply equals the change in the quantity supplied divided by the change in price.

19. If a good has a vertical supply curve, its elasticity of supply equals 0.

20. The marginal rate of substitution falls when moving upward along an indifference curve.