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Unformatted text preview: Demand curve D1 is inelastic. Multiple Choice 1) If the price of tickets to the World Series were set below the equilibrium price, a. The Q demanded would be smaller than the Q supplied. b. The demand for World Series tickets would be highly responsive to the price. c. There would be no transactions b/w buyers and sellers of the tickets. d. The # of persons seeking to obtain tickets to the W.S. games would be greater than the # of tickets available. D- A below-equilibrium price is the results in an excess of quantity of demanded relative to quantity supplied. 2) Which of the following would cause the price of automobiles to rise? a. Decrease in the wages of autoworkers b. Reduction in the price of bus travel c. Increase in the price of gasoline d. Increase in consumer income D- Higher income would increase the demand for automobiles, causing an increase in price....
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This note was uploaded on 09/11/2008 for the course ECON 201 taught by Professor Douglas during the Spring '07 term at WVU.
- Spring '07