Review.pdf - Chibuye Nsakanya ECON 1580 AY2021-T1 8 October...

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Chibuye Nsakanya ECON 1580 - AY2021-T1 8 October - 14 October Graded Quiz Unit 6 Started on Tuesday, 13 October 2020, 11:55 PM State Finished Completed on Wednesday, 14 October 2020, 12:20 AM Time taken 25 mins 21 secs Marks 20.00/21.00 Grade 95.24 out of 100.00 Question Correct Mark 1.00 out of 1.00 Flag question Question text Because tourist demand for airline flights is relatively _______ , small _______ in price will result in relatively _______ in additional tourists. Select one: 1 a. inelastic; reductions; very small increases b. elastic; reductions; large increases c. inelastic; increases; small decreases d. elastic; increases; no change
Feedback The correct answer is: elastic; reductions; large increases
Question Incorrect Mark 0.00 out of 1.00 Flag question Question text If the CPI is 120 in 2005 and 150 in 2006, what is the rate of inflation over this period? Select one: 2
Question Correct Mark 1.00 out of 1.00 Flag question Question text A monopoly responds to an increase in demand by _______ price and _______ output. Select one: 3
Question Correct Mark 1.00 out of 1.00 Flag question Question text The XYZ Company is a profit-maximizing firm with a monopoly in the production of pennants. The firm sells its pennants for $10 each. We can conclude that the XYZ Company is producing a level of output at which: Select one: 4
Question Correct Mark 1.00 out of 1.00 Flag question Question text An oligopoly knows that its _______ affect(s) its _______ and that the _______ of its rivals will affect it. Select one: 5 a. actions; rivals; reactions b. price changes ; total revenue in a positive way; reactions c. actions rarely; rivals; actions
d. price increases; total revenue in the long run only; large but not small price changes Feedback The correct answer is: actions; rivals; reactions

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