54. The percentage change in quantity demanded divided by the percentage change

Question

54. The percentage change in quantity demanded divided by the percentage change in income, all other things unchanged, is: a) price elasticity of demand. b) quantity elasticity of demand. c) income elasticity of demand. d) cross price elasticity of demand.

74. Supply curves tend to be more ____ the greater the time period facing the producer.
a) pirce inelastic. b) price elastic. c) steeply slooped. d) inflexible.

75. Economists assume that consumers seek to maximize:
a) usefulness. b) profit. c) utility d) time.
90. the costs economists use in the concept of economic profit are: d??
a) accounting costs. b) strictly dollar costs, not opportunity costs. c) opportunity costs, or the value of the best opportunity forgone. D) both a and c.
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Explanation / Answer

54. The percentage change in quantity demanded divided by the percentage change in income, all other things unchanged, is:

a) price elasticity of demand.

b) quantity elasticity of demand.

c) income elasticity of demand.

d) cross price elasticity of demand.

74. Supply curves tend to be more ____ the greater the time period facing the producer.
a) pirce inelastic. b) price elastic. c) steeply slooped. d) inflexible.

75. Economists assume that consumers seek to maximize:
a) usefulness. b) profit. c) utility d) time.

90. the costs economists use in the concept of economic profit are: d??
a) accounting costs. b) strictly dollar costs, not opportunity costs. c) opportunity costs, or the value of the best opportunity forgone. D) both a and c.

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