Question

Identify each of the following statements as true or false and explain why.
A. The effect of a $1 change in price is constant, but the elasticity of demand will vary along a linear demand curve.
B. In practice, price and quantity tend to be individually rather than simultaneously determined.
C. A demand curve is revealed if prices fall while supply conditions are held constant.
D. The effect of a $1 change in price will vary, but the elasticity of demand is constant along a log-linear demand curve.
E. Consumer interviews are a useful means for incorporating subjective information into demand estimation.



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  • CreatedFebruary 13, 2015
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