The price of a bus ride decreases, but the total revenue of the bus company does not change. The demand for bus rides is _______________.

perfectly inelastic
unit elastic
elastic
inelastic

Harry loves chocolate truffles. As the price of a chocolate truffle increases from 50 pence to 60 pence to 75 pence, Harry continues to buy a dozen chocolate truffles every week. Harry's demand for chocolate truffles is _________________.

illustrated by a horizontal demand curve
perfectly inelastic
elastic
unit elastic

Don sells newspapers. Don estimates that a 10 percent increase in the price of a newspaper will decrease the quantity of newspapers demanded by 8 percent. Don estimates that the demand for newspapers is _________________.

perfectly elastic
inelastic
unit elastic
elastic

When demand is __________, a decrease in price _____________ total revenue.

elastic; decreases
elastic; increases
inelastic; increases
unit elastic; increases

Webster Dictionaries and Oxford Dictionaries are close substitutes. The price elasticity of demand for Oxford Dictionaries ________________.

depends on the complements for dictionaries
is large
is 1
is very small

Blue pens and black pens are close substitutes. The cross elasticity of demand for black pens with respect to the price of blue pens is ____________.

1
positive
negative
zero

If the cross elasticity of demand between good X and good Y is positive and the cross elasticity of demand between good X and good Z is negative, then good X and good Y are ____________ and good X and good Z are __________.

price inelastic; income elastic
substitutes; complements
complements; substitutes
price inelastic; complements

The UK demand for which of the following goods has the largest income elasticity of demand?

Bread
Wine
Fruit juice
Cereals

As Mary's income increases by 20 percent, her demand for tickets to Manchester United football games increases by 10 percent. Mary's demand for tickets is _______; for Mary, football tickets are __________ good.

income inelastic; an inferior
income inelastic; a normal
income elastic; an inferior
income elastic; a normal

The supply of lettuce in the short run is ___________ than the supply of lettuce in the long run and ______________ than the supply of lettuce today.

less elastic; less elastic
less elastic; more elastic
more elastic; less elastic
more elastic; more elastic

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