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11) Which of the following is a measure of the sensitivity of customers to changes in price? A) a liquidity ratio B) demand sensitivity C) price elasticity of demand D) marginal analysis E) basing-point 12) How is the price elasticity of demand calculated? A) averaging previous demand levels with new demand levels B) dividing percentage change in quantity demanded by percentage change in price C) dividing the new quantity demanded by the percentage change in price times 100 D) multiplying the percentage change in quantity demanded by the percentage change in price E) dividing the percentage change in price by the percentage change in quantity demanded 13) Which of the following occurs when price is inelastic? A) Price and revenue change in the same direction. B) Revenues decrease when price increases. C) Revenue is unaffected by price changes. D) Quantity demanded increases when price increases. E) The demand curve is more horizontal. 14) Demand would most likely be inelastic for which of the following? A) lamb chops and t-bone steaks B) gourmet cheese C) symphony tickets D) luxury watches E) basic necessities 15) When demand is ________, increases in price result in increases in total revenues, while decreases in price result in decreases in total revenue. A) elastic B) inelastic C) flexible D) supply-driven E) cross-elastic 16) The changes in prices of other products affect the demand for an item. This is a phenomenon called ________. A) cross-elasticity of demand B) complementary elasticity C) interdependent elasticity D) parallel elasticity E) variable demand 17) ________ are the per-unit costs of production that will fluctuate depending on how many units or individual products a firm produces. A) Fixed costs B) Variable costs C) Average fixed costs D) Marginal costs E) Everyday costs 18) ________ do not vary with the number of units produced. A) Liquidity costs B) Fixed costs C) Variable costs D) Marginal costs E) Everyday costs 19) ________ are the sum of the ________ and ________ for any given level of production. A) Fixed costs; variable costs; marginal costs B) Fixed costs; break-even costs; variable costs C) Variable costs; fixed costs; marginal costs D) Total costs; fixed costs; variable costs E) Break-even costs; fixed costs; total costs 20) Break-even analysis is used to examine the relationship between ________. A) fixed costs and variable costs B) costs and contributions C) costs and price D) demand and costs E) demand and profits

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