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1.Price elasticity of demand is _______ in the short run than it is in the long...

1.Price elasticity of demand is _______ in the short run than it is in the long run. Price elasticity of supply is _______ in the short run than it is in the long run.

A. greater; greater

B. greater; less

C. less; greater

D. less; less

2.The price increased from $18 to $24, and the quantity decreased from 35 to 28 units. What is the price elasticity of demand?

A. 0.9

B. 0.78

C. 0.12

D. 1.01

3.Which of the following would cause the demand for a good to be inelastic?

A. A large number of close substitute goods

B. The good is seen by consumers to be a normal good.

C. The good is seen by consumers to be an inferior good.

D. The good is seen as an essential purchase.

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