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27.Cross elasticity of demand measures how sensitive purchases

Customer Question

27.Cross elasticity of demand measures how sensitive purchases of a specific product are to changes in:
Answer

the price of some other product.

the price of that same product.

income.

the general price level.


28A supply curve that is parallel to the horizontal axis suggests that:
Answer

the industry is organized monopolistically.

the relationship between price and quantity supplied is inverse.

a change in demand will change price in the same direction.

a change in demand will change the equilibrium quantity but not price.


29.Suppose the price of local cable TV service increased from $16.20 to $19.80 and as a result the number of cable subscribers decreased from 224,000 to 176,000. Along this portion of the demand curve, price elasticity of demand is:
Answer

0.8.

1.2.

1.6.

8.0
Submitted: 5 years ago.
Category: Homework
Expert:  Bizhelp replied 5 years ago.
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