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d. cannot be represented by a demand curve in the usual way. 7. The demand for Neapolitan ice cream is likely quite elastic because (d)
a. ice cream must be eaten quickly.
b. this particular flavor of ice cream is viewed as a necessity by many ice-cream lovers. c. the market is broadly defined.
d. other flavors of ice cream are good substitutes for this particular flavor.
8. Which of the following is not a determinant of the price elasticity of demand for a good? (b)
a. the time horizon
b. the steepness or flatness of the supply curve for the good c. the definition of the market for the good d. the availability of substitutes for the good
13. When we move upward and to the left along a linear, downward-sloping demand curve, price elasticity of demand (b)
a. first becomes smaller, then larger. b. always becomes larger. c. always becomes smaller.
d. first becomes larger, then smaller.
14. The difference between slope and elasticity is that (a)
a. slope is a ratio of two changes, and elasticity is a ratio of two percentage changes. b. slope is a ratio of two percentage changes, and elasticity is a ratio of two changes. c. slope measures changes in quantity demanded more accurately than elasticity. d. none of the above; there is no difference between slope and elasticity.
Figure 5-1
15. Refer to Figure 5-1. The demand curve representing the demand for a luxury good with several close substitutes is (c)
a. A. b. B. c. C. d. D.
16. Refer to Figure 5-1. Atog says he would buy one cup of coffee per day regardless of the price. If this is true, then Atog's demand for coffee is represented by demand curve (a)