Demand is inelastic ifChoose one optiona leftward shift of the supply curve raises the total revenuelarge shifts of the supply curve lead to only small changes in pricethe good in question has close substitutesthe smaller angle between the vertical axis and the demand curve is less than 45 degrees

If the demand curve for a good is horizontal and the price is positive, then a leftward shift of the supply curve results inGroup of answer choicesa price of zero.an increase in price.a decrease in price.no change in price.

The change in price that results from a rightward shift in demand will be greater ifGroup of answer choicesthe supply curve is horizontal than if the supply curve is upward sloping.the supply curve is relatively steep than if the supply curve is relatively flat.the supply curve is upward sloping than if the supply curve is vertical.the supply curve is horizontal than if the supply curve is vertical.

Which of the following causes the demand curve to shift to the right?*1 pointA. A reduction in the size of populationB. An increase in the income of the buyerC. The availability of substitutesD. A decrease in price of the good

Demand is inelastic ifMultiple Choicethe quantity demanded changes more or less proportionately with the price.the quantity demanded does not change very much even if the price changes dramatically.the demand curve is bowed inward towards the origin.the demand curve is bowed outward away from the origin.

A leftward shift in the supply curve of product X will increase equilibrium price to a greater extent the:Multiple Choicemore elastic the supply curve.larger the elasticity of demand coefficient.more elastic the demand for the product.more inelastic the demand for the product.