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Question textIf total revenue goes down when price falls, the price elasticity of demand is said to be:Select one:a. price inelastic. b. unit price elastic.c. price elastic.d. positive.FeedbackThe correct answer is: price inelastic.Question 4CorrectMark 1.00 out of 1.00Flag questionQuestion textThe demand for agricultural output is price inelastic. This means that if farmers, taken collectively, have a bumper crop, they will experience:
Question 5CorrectMark 1.00 out of 1.00Flag questionQuestion textIn this exhibit (Demand for Bungalow Bob's Bagels) total revenue remains unchanged if theprice ________ from ________.
Question 6CorrectMark 1.00 out of 1.00Flag questionQuestion textIn this exhibit (Demand for Shirts) the price elasticity of demand for the segment CD is:
Question 7CorrectMark 1.00 out of 1.00Flag questionQuestion textA demand curve that is perfectly inelastic:Select one:a. will be vertical. b. will be horizontal.c. will be upward sloping.d. has an elasticity equal to 1 everywhere on the curve.FeedbackThe correct answer is: will be vertical.
Question 8CorrectMark 1.00 out of 1.00Flag questionQuestion textIf the price of chocolate-covered peanuts increases and the demand for strawberries does not change, this indicates that these two goods are:Question 9IncorrectMark 0.00 out of 1.00Flag questionQuestion text
The cross price elasticity of demand for Coke with respect to the price of Pepsi has been estimated to be 0.61. If the price of Pepsi falls by 10 percent in a period, how will that affectthe demand for Coke in that period, all other things unchanged?