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Chapter 04 - Elasticity
100. The above diagram concerns supply adjustments to an increase in demand (D1 to D2) in
the immediate market period, the short run, and the long run. In the immediate market period
the increase in demand will:
101. The above diagram concerns supply adjustments to an increase in demand (D1 to D2) in
the immediate market period, the short run, and the long run. In the long run the increase in
demand will:
Chapter 04 - Elasticity
102. The above diagram concerns supply adjustments to an increase in demand (D1 to D2) in
the immediate market period, the short run, and the long run. On the basis of this illustration
we can conclude that:
103. If the supply of product X is perfectly elastic, an increase in the demand for it will
increase:
104. Suppose the price of a product rises and the total revenue of sellers increases.
Chapter 04 - Elasticity
105. Supply curves tend to be:
106. For an increase in demand the price effect is smallest and the quantity effect is largest:
107. A supply curve that is a vertical straight line indicates that:
Chapter 04 - Elasticity
108. A supply curve that is parallel to the horizontal axis suggests that:
109. An increase in demand will increase equilibrium price to a greater extent:
110. The supply of known Monet paintings is:
Chapter 04 - Elasticity
111. Refer to the above information and assume the stadium capacity is 5,000. If the
Mudhens' management charges $7 per ticket:
112. Refer to the above information and assume the stadium capacity is 5,000. The supply of
seats for the game:
Chapter 04 - Elasticity
113. Refer to the above information and assume the stadium capacity is 5,000. If the
Mudhens' management wanted a full house for the game, it would:
114. Refer to the above information. Over the $11-$9 price range, demand is:
115. Refer to the above information. Over the $9-$7 price range, demand is:
Chapter 04 - Elasticity
116. Refer to the above information. Over the $7-$5 price range, demand is:
117. Refer to the above information. If the Mudhens' management wanted to maximize total
revenue from the game, it would set the ticket price at:
118. An antidrug policy which reduces the supply of heroin might:
Chapter 04 - Elasticity
119. Studies of the minimum wage suggest that the price elasticity of demand for teenage
workers is relatively inelastic. This means that:
120. Studies show that the demand for gasoline is:
121. Farmers often find that large bumper crops are associated with declines in their gross
incomes. This suggests that:
Chapter 04 - Elasticity
122. Refer to the above data. Suppose quantity demanded increased by 12 units at each price,
changing the equilibrium price in a direction and an amount for you to determine. Over that
price range, supply is:
123. Refer to the above data. Suppose quantity supplied declined by 23 units at each price,
changing the equilibrium price in a direction and amount for you to determine. Over that price
range, demand is:
Chapter 04 - Elasticity
124. The price of old baseball cards rises rapidly with increases in demand because:
125. The supply curve of a one-of-a-kind original painting is:
126. The supply curve of antique reproductions is:
Chapter 04 - Elasticity
127. Suppose the income elasticity of demand for toys is +2.00. This means that:
128. If the income elasticity of demand for lard is -3.00, this means that:
129. The formula for cross elasticity of demand is percentage change in:
Chapter 04 - Elasticity
130. Cross elasticity of demand measures how sensitive purchases of a specific product are to
changes in:
131. The larger the positive cross elasticity coefficient of demand between products X and Y,
the:
132. We would expect the cross elasticity of demand between Pepsi and Coke to be:
Chapter 04 - Elasticity
133. We would expect the cross elasticity of demand between dress shirts and ties to be:
134. The above diagram suggests that:
Chapter 04 - Elasticity
135. Compared to coffee, we would expect the cross elasticity of demand for:
136. We would expect the cross elasticity of demand for Pepsi to be greater in relation to
other soft drinks than that for soft drinks in general because:
