Name: 7. Which of the statements below does not describe a demand curve that is unit elastic? The percentage change in the quantity demanded percentage change in product price. An increase in product price will not change total revenue. The price elasticity of demand equals d. a. b one. c. A change in price does not change quantity demanded. If a 10 percent cut in price total revenue will decrease. demand is price inelastic in this range. 8. causes a 15 percent increase in sales, then: demand is price elastic in this range. c. a. demand is unit elastic in this range. d. b. 9. If the price elasticity of demand for a product measures.45, this good is a high-priced good. b. a. this good is demand price inelastic. a decrease in price will increase total revenue. this good has many available substitutes. C. d. 10. A measure of sensitivity or responsiveness to changes in price elasticity. technology or income is called: supply and demand. social pressure. d. a. c. b.

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