Answer the following questions correctly. QUESTION 7 Which of the following was

Question

Answer the following questions correctly.

QUESTION 7 Which of the following was a time period listed when discussing the topic of price elasticity of supply? O A. The market period o B. The short run O C. The long run o D. All of the above O E. None of the above QUESTION 8 If the price of a candy bar goes from $1 to S2 and the quantity demanded goes from 1000 to 750 which of the following is true? o A. This suggests that this product is a complimentary good O B. This suggests that this product is a substitute good O C. This product has a an elastic demand curve O D. This product has an inelastic demand curve. O E. This product is an inferior good

Explanation / Answer

Question 7

D All of the above. When we look at elasticity of supply, we may consider short term time period, long term or a set market term

Question 8

D The product has an inelastic demand curve. This is because the price changes a lot (50%) but the demand changes a relatively small amount (25%) in comparison to it.

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