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ECO 365 Week 1 Knowledge Check.pdf


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ECO 365 Week 1 Knowledge Check - 100%
Correct
Check this A+ tutorial guideline at
http://www.assignmentcloud.com/uopeco-365-new/eco-365-week-1knowledge-check

1. Price elasticity of demand is the
A. change in the quantity of a good demanded divided by the change in the
price of that good
B. change in the price of a good divided by the change in the quantity of the
good demanded
C. percentage change in price of that good divided by the percentage change in
the quantity of that good demanded
D. percentage change in quantity of a good demanded divided by the
percentage change in the price of that good

2. In general, the greater the elasticity, the
A. smaller the responsiveness of price to changes in quantity