When Economists Look at the Percentage Change in Quantity Demanded

question 275

Multiple Choice

When economists look at the percentage change in quantity demanded generated by a change in income, they are looking at:

• A) price elasticity of demand.
• B) income elasticity of demand.
• C) price elasticity of supply.
• D) cross elasticity of demand.
• E) cross elasticity of supply.

Identify the characteristics and implications of different types of long-run supply curves in pure competition.

Analyze the impact of demand, cost, and industry adjustments on the equilibrium price and quantity in the long run.

Distinguish between constant-cost, increasing-cost, and decreasing-cost industries and their effects on long-run supply.

Recognize the conditions under which long-run equilibrium is achieved in a purely competitive market.

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Definitions:

Diet

The kinds of food that a person, animal, or community habitually eats, often tailored for health, religious, ethical, or weight-control reasons.

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Naturally occurring inorganic substances with a definite chemical composition and crystalline structure, essential for human health.

MyPlate Program

A nutritional guide created by the USDA to help Americans make healthier food choices.