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O a. It is lower than one for goods with elastic demand b. It is not...
At the midpoint of a downward sloping straight-line demand curve, the demand O A. is elastic. O B. is unit elastic...
At the midpoint of a downward sloping straight-line demand curve, the demand O A. is elastic. O B. is unit elastic. O c. has an elasticity exactly equal to zero. OD. is inelastic. Marginal benefit is the benefit received from O A. producing the efficient quantity O B. consuming more goods or services O C. consuming the efficient quantity O D. consuming one more unit of a good or service
Demand is more elastic: a. in the short run than in the long run. b. for...
Demand is more elastic: a. in the short run than in the long run. b. for goods with many substitutes than for goods with only a few. c. for goods with no substitutes. d. for necessities than for luxuries. e. for broadly defined goods than for narrowly defined ones. All other things constant, if a _____ proportion of a consumer’s budget is spent on a good, the demand for the good will be more _____ and a consumer will purchase...
O Aflat demand curve is always more elastic than a steep one Question 16 1 pts...
O Aflat demand curve is always more elastic than a steep one Question 16 1 pts 16. In general, a demand curve becomes more inelastic when more substitutes are available to consumers O consumers spend a larger share of income on the good we are focusing on a shorter period of time better technology are available to the producers Question 17 1 nts
If the income elasticity of demand is ________ zero, then the good is ________. a. greater...
If the income elasticity of demand is ________ zero, then the good is ________. a. greater than; normal b. less than; normal c. equal to; unit elastic d. equal to; perfectly elastic As the costs of higher education rises, which of the following certainly occurs? a. More students will attend classes. b. Opportunity costs of education are higher. c. More choices exist. d. Class size is lower.
If a firm raised its price and discovered that its total revenue fell, then the demand...
If a firm raised its price and discovered that its total revenue fell, then the demand for its product is ___________ a. relatively inelastic b. perfectly inelastic c. income inferior d. relatively elastic If demand is (relatively) price inelastic, total revenue is ___________ a. directly related to quantity demanded b. inversely related to price c. inversely related to quantity demanded d. directly related to price e. unrelated to price In order to prove that Budweiser and Miller Genuine Draft are...
Elastic demand implies that a one percent increase in price results in a larger than one...
Elastic demand implies that a one percent increase in price results in a larger than one percent decrease in quantity demanded. that a one percent decrease or increase in price induces no change in total revenue. that a one percent increase in price results in a smaller than one percent decrease in quantity demanded. that a one percent cut in price results in a larger than one percent increase in quantity demanded. Question 4 (1 point) A perfectly elastic demand...
QUESTION 20 In the classical model, if the real interest rate is lower than the equilibrium...
QUESTION 20 In the classical model, if the real interest rate is lower than the equilibrium interest rate in the goods market, then total demand for goods is A. higher than the total supply. B. lower than total supply. C. can be equal to total supply. D. none of the above. QUESTION 21 In the classical model, if total demand for goods is less than total supply, then real interest rate will A. fall. B. rise. C. may remain the...
35 If the demand for American automobiles is more elastic in Europe than it is in...
35 If the demand for American automobiles is more elastic in Europe than it is in the United States, we might expect a. the same price for autos in the United States and Europe, b. a higher price for autos in the United States than in Europe. c. a lower price for autos in the United States than in Europe. d. a less profitable price for autos in the United States than in Europe. e. a price in Europe that...
All else equal, consumer demand for a good will be more elastic in the short run...
All else equal, consumer demand for a good will be more elastic in the short run than in the long run. True False D Question 4 10 pts Food and drink purchased inside an airport or concert have higher prices than food and drink elsewhere because when consumers are in these locations demand is more (elastic, inelastic). When this is the case. sellers can earn more revenue by charging (higher, lower) prices. The reason that prices in these locations aren't...
15.Demand tends to be more elastic when A. price is high, and more inelastic when price...
15.Demand tends to be more elastic when A. price is high, and more inelastic when price is low. B. price is low, and more inelastic when price is high. C. the demand curve is very steep. D. the quantity demanded is larger. 16.If increasing the admission charge for National Parks increases the National Park Service’s total revenue, then the demand for National Park visits is A.inelastic. B.elastic, but not perfectly elastic. C.perfectly elastic. D.a perfectly horizontal line. 20. When consumers’...
At the midpoint of a downward sloping straight-line demand curve, the demand O A. is elastic. O B. is unit elastic. O c. has an elasticity exactly equal to zero. OD. is inelastic. Marginal benefit is the benefit received from O A. producing the efficient quantity O B. consuming more goods or services O C. consuming the efficient quantity O D. consuming one more unit of a good or service
O Aflat demand curve is always more elastic than a steep one Question 16 1 pts 16. In general, a demand curve becomes more inelastic when more substitutes are available to consumers O consumers spend a larger share of income on the good we are focusing on a shorter period of time better technology are available to the producers Question 17 1 nts
Elastic demand implies that a one percent increase in price results in a larger than one percent decrease in quantity demanded. that a one percent decrease or increase in price induces no change in total revenue. that a one percent increase in price results in a smaller than one percent decrease in quantity demanded. that a one percent cut in price results in a larger than one percent increase in quantity demanded. Question 4 (1 point) A perfectly elastic demand...
QUESTION 20 In the classical model, if the real interest rate is lower than the equilibrium interest rate in the goods market, then total demand for goods is A. higher than the total supply. B. lower than total supply. C. can be equal to total supply. D. none of the above. QUESTION 21 In the classical model, if total demand for goods is less than total supply, then real interest rate will A. fall. B. rise. C. may remain the...
35 If the demand for American automobiles is more elastic in Europe than it is in the United States, we might expect a. the same price for autos in the United States and Europe, b. a higher price for autos in the United States than in Europe. c. a lower price for autos in the United States than in Europe. d. a less profitable price for autos in the United States than in Europe. e. a price in Europe that...
All else equal, consumer demand for a good will be more elastic in the short run than in the long run. True False D Question 4 10 pts Food and drink purchased inside an airport or concert have higher prices than food and drink elsewhere because when consumers are in these locations demand is more (elastic, inelastic). When this is the case. sellers can earn more revenue by charging (higher, lower) prices. The reason that prices in these locations aren't...
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