Price Quantity Supplied
$10 10
8 9
6 8
4 7
2 6
1. Refer to the above table. Over the $8-$6 price range, supply is:
a.inelastic
b.elastic
c.perfectly inelastic
d.perfectly elastic
2.The demand for a luxury good whose purchase would exhaust a big portion of one's income is:
a.perfectly price inelastic
b.perfectly price elastic
c.relatively price inelastic
d. relatively price elastic