If a good has a price elasticity of demand equal to 0.4, and the price elasticity of supply is
equal to 6.5, the good is a strong candidate for a unit tax.
22. All cross elasticities are positive.
23. An elasticity is a measure of sensitivity.
24. The price elasticity of supply increases as firms have more time to adjust.
25. Market-day supply elasticities can vary between 0 and 1.
26. The income elasticity for most foods is positive but less than 1.
27. Goods that are income elastic are often referred to as luxury goods.
28. The U.S. Department of Agriculture and Ernst Engel have confirmed, separately, that
there is an inverse relationship between income changes and food consumption.
29. If a $1 increase in price leads to a 3-unit decrease in quantity demanded, then demand
must be elastic.
30. If a $1 increase in price leads to a $1 decrease in total revenue, then demand must
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