Quiz 2 Answers - ECO 304K: INTRODUCTION TO MICROECONOMICS...

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ECO 304K: INTRODUCTION TO MICROECONOMICS Unique # 33645, Fall 2009, Prof. Wiseman Quiz 2 Select the single best answer for each question. 1. In a market economy, prices are determined by: A. A benevolent government B. Producers who supply goods and services that consumers want C. Buyers and sellers, each acting as a self-interested decision maker D. Consumers, since they are ultimately the demanders of good and services 2. Which of the following might cause the equilibrium price of honey to rise and the equilibrium quantity to fall? A. An increase in population of honey lovers B. Devastation of honeybee population by a parasitic bug C. Increase in the use of honeybee colonies for agricultural pollination D. An increase in the price of molasses, a substitute for honey 3. The price elasticity of demand for electricity in the United States is estimated at -0.13. Which of the following could explain why the price elasticity of demand for electricity is so low? A. Electricity is an addictive product
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Quiz 2 Answers - ECO 304K: INTRODUCTION TO MICROECONOMICS...

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