Chapter 5 - Summative Quiz - 1 In comparing the demand for...

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1. In comparing the demand for tangerines with the demand for all fruit, which of the following statements is TRUE? a. The demand for tangerines is more elastic than the demand for fruit because consumers are more reactive to changes in the price of tangerines. b. The demand for tangerines is less elastic than the demand for fruit because consumers are more reactive to changes in the price of fruit. c. The demand for tangerines is less elastic than the demand for fruit because consumers are more reactive to changes in the price of tangerines. d. The demand for tangerines is more elastic than the demand for fruit because consumers are more reactive to changes in the price of fruit. 2. In comparing the demand for beef next month with the demand for beef over the next decade, which of the following statements is TRUE? a. The demand next month is more elastic than the demand over the next decade because consumers are more reactive to changes in the price next month. b. The demand next month is less elastic than the demand over the next decade because consumers are more reactive to changes in the price over the next decade. c. The demand next month is less elastic than the demand over the next decade because consumers are more reactive to changes within the price next month. d. The demand next month is more elastic than the demand over the next decade because consumers are more reactive to changes in the price over the next decade. 3. In comparing the demand for Exxon gasoline at the corner of 7th and Grand with the demand for gasoline in the entire city, which of the following statements is TRUE? a. The demand for Exxon gasoline at the corner of 7th and Grand is more elastic than the demand for gasoline in the entire city, as consumers are less reactive to changes in the price of gasoline in the entire city. b. The demand for Exxon gasoline at the corner of 7th and Grand is less elastic than the demand for gasoline in the entire city, as consumers are more reactive to changes in the price of gasoline in the entire city. c. The demand for Exxon gasoline at the corner of 7th and Grand is less elastic than the demand for gasoline in the entire city, as consumers are less reactive to changes in the price of gasoline in the entire city. d. The demand for Exxon gasoline at the corner of 7th and Grand is more elastic than the demand for gasoline in the entire city, as consumers are more reactive to changes in the price of gasoline in the entire city.
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4. In comparing the demand for insulin with the demand for vitamins over the next decade, which of the following statements is TRUE? a. The demand for insulin is more elastic than the demand for vitamins over the next decade because consumers are more reactive to changes in the price of insulin.
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Christopher Reinemann
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