Question 10
Question 10 of 30
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Older MCQs might not have the typical A, B, C, D choices. They have choices 1, 2, 3, and a combination of them is the answer. Below is the key that maps such combinations to the answer.
A 1, 2 and 3 are correct
B 1 and 2 only are correct
C 2 and 3 only are correct
D 1 only is correct
Topics Tested
2. The price system and t...
2.5. Consumer and producer surplus

significance of price elasticity of demand and of supply in determining the extent of these changes

2. The price system and t...
2.2. Price elasticity, income elast...

descriptions of elasticity values: perfectly elastic, (highly) elastic, unitary elasticity, (highly) inelastic, perfectly inelastic