Figure 5-4 4 Demand tefer to Figure 5-4. Assume the section of the demand curve from A to B corresponds to rices between $6 and $12. Then, when the...
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Figure 5-4
4
Demand
tefer to Figure 5-4. Assume the section of the demand curve from A to B corresponds to
rices between $6 and $12. Then, when the price increases from $8 to $10,
a.
the percent decrease in the quantity demanded exceeds the percent increase in the price.
b.
the percent increase in the price exceeds the percent decrease in the quantity demanded.
c. sellers' total revenue increases as a result.
d. it is possible that the quantity demanded fell from 550 to 500 as a result.

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Figure 5-4
Demand
Refer to Figure 5-4. The section of the demand curve from B to C represents the
O a. elastic section of the demand curve.
O b. perfectly elastic section of the demand curve.
O c. unit elastic section of the demand curve.
O d. inelastic section of the demand curve.

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Figure 6-8
10 15 20 25 30 35 40 45 50 35 60 65 70 75 80 85 quantity
Refer to Figure 6-8. When a certain price control is imposed on this market, the resulting
quantity of the good that is actually bought and sold is such that buyers are willing and able
to pay a maximum of P 1 dollars per unit for that quantity and sellers are willing and able to
accept a minimum of P 2 dollars per unit for that quantity. If P 1 - P 2 = $3, then the price
control is
O a. a price ceiling of $3.00.
O b. a price ceiling of $5.00.
O c. a price floor of $6.00.
O d. either a price ceiling of $3.00 or a price floor of $6.00.

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