1. The price elasticity of demand is a measure of the extent to which the quantity demanded of a good changes when ________ changes and all other influences on buyers' plans remain the same.
a. the price of a related good
b. the price of the good
c. the demand alone
d. both the demand and the supply simultaneously
8. Demand is elastic if
a. consumers respond strongly to changes in the product's price.
b. a small percentage change in price brings about a small percentage change in quantity demanded.
c. the quantity demanded is not responsive to price changes.
d. the demand curve is vertical.