Chapter 5/Elasticity and Its Applications F 163Chapter 5Elasticity and Its ApplicationsMULTIPLE CHOICE1.In general, elasticity isa.the friction that develops between buyers and sellers in a market.b.a measure of how much government intervention is prevalent in a market.c.a measure of how competitive a market is.d.a measure of how much buyers and sellers respond to changes in market conditions.ANSWER: d.a measure of how much buyers and sellers respond to changes in mar
