Demand and SupplyWhat does the following figure represent?A relatively elastic supply curveA relatively inelastic supply curveA relatively elastic demand curveA relatively inelastic demand curve

The demand curve corresponds to:

In a supply-demand diagram with price measured on the vertical axis and quantity on the horizontal, the market equilibrium is found where the supply and demand curves . (Insert a single word.)

1. In a particular market, demand and supply curves are defined by the following equations: P=100– 0.5QD QS= -200 + 2P where, P is the price in pounds, QS is the quantity supplied and QD¬ is the quantity demanded. (a) What is the equilibrium price and quantity? [5 marks] (b) What is the price elasticity of supply at a price of £35? [5 marks]

If a supply curve is elastic then:(a) The elasticity coefficient is equal to infinity;(b) The supply curve for the good is vertical;(c) The elasticity coefficient is greater than 1;(d) Both (b) and (c) above are correct.A10. Demand is likely to be more elastic due to all but one of the following:(a) There are many close substitutes for the product available;(b) Consumers spend a very small proportion of their income on theproduct;(c) Consumers have a long period of time to adjust to the new prices;(d) The product is a final product rather than an intermediate product.

Which of the following expresses the information found in the supply schedule?Multiple choice question.The supply curveThe PPFThe average cost curveThe demand curve