The demand for firewood is likely to be more elastic in the summer than in the winter.

The demand for firewood is likely to be more elastic in the summer than in the winter.
 a. True
  b. False

QUESTION 2

The demand for a particular brand of automobile is likely to be more inelastic than the demand for automobiles in general.
 a. True
  b. False

QUESTION 3

The availability of substitutes makes the demand for a good less elastic.
 a. True
  b. False

QUESTION 4

In the real world, demand is not likely to be perfectly inelastic at every price because
 a. no substitutes exist for some goods
  b. some consumers will be unable to afford very high prices with given incomes
  c. at low prices, consumers always want a lot
  d. consumers are willing to pay any price for certain goods
  e. the prices of certain goods don't change

QUESTION 5

If Katherine claims that when it comes to buying shoes, price is no object, her demand curve for shoes is likely to be
 a. horizontal
  b. nonexistent
  c. upward sloping
  d. highly inelastic
  e. unit elastic

QUESTION 6

Perfectly elastic demand curves are
 a. downward sloping
  b. upward sloping
  c. vertical
  d. horizontal
  e. steep