Question 1

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It is the measure of how much buyers and sellers respond to changes in market
conditions.
Answer:

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The correct answer is: Elasticity

Question 2
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If you slow down buying because of  a price increase, your demand is 
Select one:

a. Strong

b. Elastic  

c. Normal

d. Inelastic

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The correct answer is: Elastic 

Question 3
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If you spend a very small proportion of your income on a product, then
Select one:
a. You will wait for a sale before you buy the item.

b. You will stop buying it if the prices rises even a little.

c. The demand for that product will tend to be price inelastic. 

d. The demand for that product will tend to be price elastic.

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Your answer is correct.

The correct answer is: The demand for that product will tend to be price inelastic.

Question 4
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When the percentage change in the price exceeds the percentage change in quantity
demanded, then demand is
Select one:

a. Unitary elastic.

b.

 Irrelevant

Irrelevant.

Irrelevant.

c. Elastic.

d. 
Inelastic. 

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Your answer is correct.

The correct answer is: 

Inelastic.