The Elasticity of Demand Is Used to

question 36

Multiple Choice

The elasticity of demand is used to

• A) determine if consumers will or will not buy a product.
• B) measure how responsive consumers are to a change in price.
• C) determine in what direction the demand curve shifts if income changes.
• D) find the market equilibrium.
• E) determine if a change in price results in a shortage or a surplus.

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Definitions:

Suspected Crime

An act believed to potentially be criminal based on preliminary evidence or suspicion but not yet legally proven.

Search Warrant

A legal document authorized by a judge or magistrate, allowing law enforcement to conduct a search of a premises for evidence of a crime.

Plea Bargaining

The process by which the accused and the prosecutor in a criminal case work out a mutually satisfactory disposition of the case, subject to court approval. Usually, plea bargaining involves the defendant's pleading guilty to a lesser offense in return for a lighter sentence.

Petty Larceny

A minor theft crime involving the stealing of property with relatively low value.