Question

what does zero elasticity signify?
quantity demanded is infinitely sensitive to price
price changes do not affect quantity demanded or supplied
quantity supplied is directly proportional to price changes
quantity changes infinitely with price
question 2
what does constant unitary elasticity mean in economics?
no relationship between price and quantity
a proportional percentage change in quantity demanded or supplied to a change in price
a change in price that has no effect on quantity demanded
infinite change in quantity due to a small price change
question 3
what is cross - price elasticity of demand?
a constant demand regardless of price changes
the change in demand for one good due to a price change of another good
the responsiveness of quantity supplied to price changes
the relationship between income change and demand

Explanation:

• For the first question, zero elasticity means the quantity demanded or supplied does not change with price changes.
• For the second question, constant unitary elasticity implies a proportional percentage change in quantity demanded or supplied relative to a price - change.
• For the third question, cross - price elasticity of demand is the change in demand for one good due to a price change of another good.

Answer:

1. Price changes do not affect quantity demanded or supplied
2. A proportional percentage change in quantity demanded or supplied to a change in price
3. The change in demand for one good due to a price change of another good