Issues in Economics Today Robert Guell 8th Edition

n Figure 3.1, if demand is considered perfectly inelastic, then the appropriate figure is? 1. Figure 1 2. Figure 2 3. Figure 3 4. Figure 4 Answer: B Learning Objective: 03-02 Topic: Alternative Ways to Understand Elasticity Blooms: Apply AACSB: Knowledge ApplicationBlooms: Apply AACSB: Knowledge Application Difficulty: 2 Medium • At point A of Figure 3 within Figure 3.1, demand is 1. 2. 3. perfectly inelastic. 4. perfectly elastic. Answer: A Learning Objective: 03-02 Topic: Alternative Ways to Understand Elasticity Blooms: Apply AACSB: Knowledge ApplicationBlooms: Apply AACSB: Knowledge Application Difficulty: 2 Medium • At point B of Figure 4 within Figure 3.1, demand is 1. 2. 3. perfectly inelastic. 4. perfectly elastic. Answer: B Learning Objective: 03-02 Topic: Alternative Ways to Understand Elasticity Blooms: Apply AACSB: Knowledge ApplicationBlooms: Apply AACSB: Knowledge Application Difficulty: 2 Medium