ecoquiz -...

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The law of supply states that more of a good will be supplied the lower its price, other things constant.          2. Question : If the price of a good goes up by 20 percent, and the quantity demanded falls by 40 percent, then the price elasticity of  demand is 2.          3. Question : Refer to the graph below. The arrow that  best  captures the impact of a decline in price on quantity supplied is: 
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               4. Question : Refer to the graph below. The relevant market is corn. The impact of a poor corn harvest on the market for corn would most  likely be demonstrated by which graph? 
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               5. Question : The minimum wage is an example of a price floor.  
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       6. Question : According to the law of supply:              7. Question : For luxuries, income elasticity is:          
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   8. Question : Which of the following would  best  explain a decrease in the supply of squash?              9. Question : If the quantity of picture frames supplied increases 15% when the price goes up 20%, then the elasticity of supply would be:              10.
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Question : The most likely impact of an effective price floor is:              11. Question : If the price elasticity of supply is 0.5, then a 10 percent increase in price will cause a:              12.
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This note was uploaded on 07/30/2011 for the course ECO ART SC 102 101 20 taught by Professor Na during the Spring '11 term at University of Central Florida.

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ecoquiz -...

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