Price Quantity Supplied $10 10 8 9 6 8 4 7 2 6 1. Refer to the above table. Over

Question

Price                   Quantity Supplied

$10                      10

8                            9

6                            8

4                            7

2                            6

1. Refer to the above table. Over the $8-$6 price range, supply is:

a.inelastic

b.elastic

c.perfectly inelastic

d.perfectly elastic

2.The demand for a luxury good whose purchase would exhaust a big portion of one's income is:

a.perfectly price inelastic

b.perfectly price elastic

c.relatively price inelastic

d. relatively price elastic

Explanation / Answer

1.b elastic

2.d relatively price elastic

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