The Use of Common Sense

question 109

Multiple Choice

The use of common sense:

• A)can guide an audience to agree with a speaker.
• B)differs from real factual evidence.
• C)is more important than doing research.
• D)is a reliable safety net in the absence of evidence.
• E)reliably guides a listener to truth.

Understand the concept of supply elasticity and how it is measured.

Describe how equilibrium price and quantity are affected by changes in supply and demand in different market periods.

Explain the impact of price changes on quantity supplied for products with different elasticities of supply.

Analyze the unique characteristics and outcomes of perfectly inelastic and perfectly elastic supply conditions.