Price Elasticity of Demand Measures

question 14

Multiple Choice

Price elasticity of demand measures:

• A)the shift in demand as price changes.
• B)the sensitivity of quantity demanded to price.
• C)the slope of the demand curve.
• D)the relationship of percentages to price.

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Definitions:

Gibbons V. Ogden

A landmark decision by the U.S. Supreme Court in 1824 that held that the power to regulate interstate commerce was granted to Congress by the Commerce Clause of the Constitution.

Supreme Court Case

A legal proceeding brought before the United States Supreme Court, the highest federal court, which often results in a decision of significant legal precedent.

Seminole War

A series of conflicts in the early 19th century in Florida between the United States and the Seminole Indians, primarily over land and the U.S.'s attempts to recapture runaway slaves.