1)Other things being equal, the price elasticity of demand for a product will be less:A) if there are many substitutes available.B) if it is a large part of the consumer’s budget.C) in the long run as compared to the short run.D) if there are few or no substitutes available.2)The price elasticity of demand for cabbage has been estimated to be -0.25. If an insect infestation destroys 20 percent of the nation’s cabbage crop, how will that affect total expenditures on cabbage, all other things unchanged?A) total expenditures will riseB) total expenditures will fallC) total expenditures will remain unchangedD) not enough information is given to answer the question3)A study of the price elasticity of supply for young physicians in the early stages of their careers found it to be about ________ for the group as a whole, but for female physicians in the group it was _________.A) 0.3; higherB) 0.3; lowerC) -0.3; higherD) -0.3; lower4)The income elasticity of demand for ground beef has been estimated to be -0.197. If income falls by 20 percent in a period, how will that affect total expenditures on ground beef in that period, all other things unchanged?A) total expenditures will riseB) total expenditures will remain unchangedC) total expenditures will remain fallD) not enough information is given to answer the question5)The price elasticity of demand for lettuce has been estimated to be -2.58. If an insect infestation destroys 10 percent of the nation’s lettuce crop, how will that affect total expenditures on lettuce, all other things unchanged?A) total expenditures will remain unchangedB) total expenditures will fallC) total expenditures will riseD) not enough information is given to answer the question