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Question 13 of<br />
5.0/ 5.0 Points<br />
20<br />
The price elasticity of demand reflects the responsiveness of __________ .<br />
A. firms to changes in demand<br />
B. demand to a change in price of a substitute<br />
good<br />
C. demand to a change in price<br />
D. quantity demanded to a change in price<br />
Question 14 of<br />
5.0/ 5.0 Points<br />
20<br />
Suppose that in a month the price of a dozen of eggs increases from $1.50 to $2. At the same<br />
time, the quantity of dozens of eggs demanded decreases from 200 to 150. The price elasticity of<br />
demand for dozens of eggs is __________ .<br />
A. perfectly<br />
inelastic<br />
B. inelastic<br />
C. unitary elastic<br />
D. elastic<br />
Question 15 of<br />
5.0/ 5.0 Points<br />
20<br />
Suppose that Victoria and her friends are running a fundraiser by selling donuts. They want to<br />
know what will happen to their revenue if they increase the price of each donut from $0.80 to $1.<br />
What concept do they need to apply to find out their expected revenue?<br />
A. price elasticity of supply<br />
B. price elasticity of demand
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