Question 9 1 pts If a decrease in price leads to a decrease in total revenues, demand for the good is relatively Question 10 1 pts The elasticity of supply measures the sensitivity of the to changes in the price of the good. D Question 11 2 pts Elasticity of supply is defined as the percentage change in the divided by the percentage change inUse the following word bank to complete the quiz questions. decrease elastic equilibrium increase inelastic is greater than is less than less more price quantity demanded quantity supplied D Question 1 1 pts The price elasticity of demand measures the responsiveness of the to a change in price. D Question 2 2 pts The price elasticity of demand is defined as the percentage change in divided by the percentage change in D Question 3 1 pts I the demand for a particular good is relatively clastic. it means that the percentage change in theQuestion 3 1 pts If the demand for a particular good is relatively elastic, it means that the percentage change in the quantity demanded the percentage change in price. Question 4 1 pts If the percentage change in quantity demanded is less than the percentage change in price, demand for the good or service in question is relatively D Question 5 1 pts Demand for a Ford automobile would likely be elastic than demand for cars generally because there are more and better substitutes for a certain brand of car than for cars generally.D Question 6 1 pts As a rule, the smaller the portion of income spent on a good, the elastic is its demand. Question 7 1 pts The more time people have to adapt to a new price (higher or lower), the more is the demand for the good. D Question 8 3 pts When demand for a good is elastic, a reduction in price will lead to a(n) in total revenues. This happens because the percentage increase in is greater than the percentage decrease in