Write TRUE if the statement is right and FALSE if it is wrong. _____ 1. Disequilibrium means when supply is equal to demand _____ 2. Elasticity is the degree of responsiveness of consumers when there is a small % of change on the price of a particular commodity or service.

Write TRUE if the statement is right and FALSE if it is wrong. _ 1. Disequilibrium means when supply is equal to demand _ 2. Elasticity is the degree of responsiveness of consumers when there is a small % of change on the price of a particular commodity or service.

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter6: Simple Pricing

Section: Chapter Questions

Problem 6.3IP

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Question

Write TRUE if the statement is right and FALSE if it is wrong.

_____ 1. Disequilibrium means when supply is equal to demand

_____ 2. Elasticity is the degree of responsiveness of consumers when there is a small % of change on the price of a particular commodity or service.

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