Microeconomics Exam 2 First Attempt - Part 1 of 1 50.0 100.0 Points 5.0 5.0 Points Question 1 of 20 Suppose that in a month the price of a dozen of eggs

Microeconomics Exam 2 First Attempt - Part 1 of 1 50.0...

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Part 1 of 1 - 50.0/ 100.0 Points Question 1 of 205.0/ 5.0 PointsSuppose that in a month the price of a dozen of eggs increases from $1.50 to $2. At the same time, the quantity of dozens of eggs demanded decreases from 200 to 150. The price elasticity of demand for dozens of eggs is __________ . A. perfectly inelasticB. inelasticC. unitary elasticD. elastic Question 2 of 200.0/ 5.0 PointsSuppose that there are only three consumers of a product. At a price of $6 per unit, the first consumer would buy 12 units of the product, the second consumer would buy 8 units, and the third consumer would buy 3 units of the product. If you drew a market demand curve for this product, the quantity demanded at a price of $6 would be __________ . Question 3 of 200.0/ 5.0 PointsThe market demand curve __________ . Question 4 of 205.0/ 5.0 PointsThe ratio of the percentage change in quantity demanded to the percentage change in price is known as the __________ .
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