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Reference no: EM13377981

Price            Quantity Supplied

 $10                     10

 8                          9

 6                          8

 4                          7

 2                          6

1. Refer to the above table. Over the $8-$6 price range, supply is:

a.inelastic

b.elastic

c.perfectly inelastic

d.perfectly elastic


2.The demand for a luxury good whose purchase would exhaust a big portion of one's income is:

a.perfectly price inelastic

b.perfectly price elastic

c.relatively price inelastic

d. relatively price elastic

Reference no: EM13377981

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