Which of the following is explained by the price elasticity of demand for a product?
a. The effect of changes in price on the supply of the product
b. The effect of changes in quantity on the supply of the product
c. The effect of changes in quantity on the price of the product
d. The effect of changes in price on the quantity demanded of the product
e. The effect of changes in price on the quantity supplied of the product
d
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Using the data in the table above, when the price of a skirt rises from $20 to $35, what is the price elasticity of demand? (Use the midpoint method.)
A) 0.33 B) 0.25 C) 1.00 D) 1.33 E) 3.00
A housing shortage results when
A) a tax is imposed on housing. B) a rent ceiling below the equilibrium rent is imposed. C) a rent ceiling above the equilibrium rent is imposed. D) rents rise. E) a rent floor below the equilibrium rent is imposed.