Chapter 5/Elasticity and Its Applicationsv 215Chapter 5Elasticity and Its ApplicationsMultiple Choice1.In general, elasticity is a measure ofa.the extent to which advances in technology are adopted by producers.b.the extent to which a market is competitive.c.how fast the price of a good responds to a shift of the supply curve or demand curve.d.how much buyers and sellers respond to changes in market conditions.ANS: DPTS: 1DIF: 1REF: 5-0TOP: ElasticityMSC: Definition
