Supply and Demand

True/False

If the demand for chocolate increase, the demand curve shifts to the left.

• True

• False

True/False: Time is one of the factors that determine elasticity of demand.

• True

• False

True/False: Elasticity of demand deals with the relationship between price and quantity demanded.

• True

• False

True/False: Elasticity is really measuring consumer response to a price change.

• True

• False

True/False: Price has no impact on how much consumers will buy.

• True

• False

True/False: A demand schedule is a list of prices and the quantities demanded at each price.

• True

• False

True/False: As income rises, demand for normal goods rises.

• True

• False

True/False: Leading experts in the field of economics can predict with certainty when an economic event will occur.

• True

• False

True/False: Elasticity of demand is important to economists only; business owners don't need to understand advanced economic concepts like elasticity.

• True

• False

True/False: Quantity demanded is determined by price.

• True

• False