Suppose the value of price elasticity of demand for goods manufactured by firms A, B, C, and D are 0, -0.8, -1, and -1.5 respectively. The demand for the good will be elastic for:
a. firms A, B, C, and D.
b. firms B, C, and D.
c. only firm A.
d. firms C and D only.
e. only firm D.
Question 2
If both prices increase by 10 percent and money income remains constant, the budget line for both goods in question will:
a. become steeper
b. become flatter
c. will have the same slope
d. will become vertical.
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