Attempt 1 Written: Mar 30, 2018 12:22 Am - Mar 30,

Attempt 1Written: Mar 30, 2018 12:22 AM - Mar 30, 2018 1:01 AMSubmission ViewYour quiz has been submitted successfully.Question 11 / 1 pointThe price elasticity of demand is a measure ofA) buyers' responsiveness to changes in the price of a product.B) whether a product is a substitute or a complement.C) how much a change in demand affects the equilibrium price.D) the equilibrium price of a product.E) the amount of a product purchased when income increases.Question 21 / 1 pointIf the price of a good rises, then moving along a demand curve the percentage change in the quantity demanded will beA) undefined.B) positive.C) zero.D) either positive, negative, or zero depending on how the demand curve shifted.E) negative.Question 31 / 1 pointIf the demand for a good is elastic, thenA) a change in the quantity demanded is smaller than the change in price.B) people substantially decrease the quantity of the good they buy if its price increases by a small percentage.C) a change in price leads to a smaller percentage change in the quantity demanded.D) the quantity demanded divided by the price exceeds 1.00.E) people do not change the quantity they demand when the price of