Exam 6: Elasticity

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Exhibit 19-4 Refer to Exhibit 19-4. As a consequence of the depicted change in supply of X, the demand curve for Y shifted from D₁ to D₂. What is true of the cross elasticity of demand for Y?

(Multiple Choice)

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Question 41

Which of the following statements is true?

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Question 42

If a demand curve is a straight downward sloping line, demand is

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Question 43

The demand curve for good X is a straight downward-sloping line. It follows that the demand for good X is elastic at prices than at ____ prices.

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Question 44

It is impossible for a given good to be both elastic in demand and inelastic in supply.

(True/False)

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Question 45

If the price of good X rises and the demand for good X is inelastic, then the percentage fall in quantity demanded is the percentage rise in price, and total revenue .

(Multiple Choice)

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Question 46

As price rises from $22 to $26, quantity supplied rises from 100 to 110 units and quantity demanded falls from 90 units to 65 units. It follows that supply is and demand is .

(Multiple Choice)

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Question 47

If the price of a good rises and as a result total revenue falls, then it must be true that

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Question 48

If total revenue rises as a result of a decrease in the price of a given good, it follows that demand is

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Question 49

Price rises from $9.99 to $10.99 and quantity demanded does not change for good X. It follows that the entire demand curve for good X is

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Question 50

Which of the following statements is false ?

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Question 51

Exhibit 19-2 Refer to Exhibit 19-2. The market for good X is initially in equilibrium at $5. The government then places a tax on the producers of good X, taxing them on each unit of good X they sell. As a result, the supply curve

(Multiple Choice)

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Question 52

If the price of good X falls and the demand for good X is inelastic, then the percentage in quantity demanded is the percentage fall in price, and total revenue __.

(Multiple Choice)

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Question 53

A good will tend to have a low price elasticity of demand if

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Question 54

Which of the following is not a determinant of price elasticity of demand for good Z?

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Question 55

Exhibit 19-9 Refer to Exhibit 19-9. What is the price elasticity of supply between $4 and $6?

(Multiple Choice)

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Question 56

If price elasticity of supply is greater than 1, it means that the percentage change in quantity supplied is

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Question 57

A per-unit tax is placed on the production of good Y. Someone who believes that the producers of the good will end up paying the full tax may be assuming that the good's demand curve is

(Multiple Choice)

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Question 58

A good is unit elastic in demand if as the price changes there is no resulting change in total revenue.

(True/False)

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Question 59

Cross elasticity of demand measures the responsiveness of changes in the quantity of one good to changes in .

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Question 60

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Exam 6: Elasticity

Exhibit 19-4 ​ Refer to Exhibit 19-4. As a consequence of the depicted change in supply of X, the demand curve for Y shifted from D1 to D2. What is true of the cross elasticity of demand for Y?

Which of the following statements is true?

If a demand curve is a straight downward sloping line, demand is

The demand curve for good X is a straight downward-sloping line. It follows that the demand for good X is ________ elastic at __________ prices than at __________ prices.

It is impossible for a given good to be both elastic in demand and inelastic in supply.

If the price of good X rises and the demand for good X is inelastic, then the percentage fall in quantity demanded is __________ the percentage rise in price, and total revenue __________.

As price rises from $22 to $26, quantity supplied rises from 100 to 110 units and quantity demanded falls from 90 units to 65 units. It follows that supply is __________ and demand is __________.

If the price of a good rises and as a result total revenue falls, then it must be true that

If total revenue rises as a result of a decrease in the price of a given good, it follows that demand is

Price rises from $9.99 to $10.99 and quantity demanded does not change for good X. It follows that the entire demand curve for good X is

Which of the following statements is false ?

Exhibit 19-2 ​ Refer to Exhibit 19-2. The market for good X is initially in equilibrium at $5. The government then places a tax on the producers of good X, taxing them on each unit of good X they sell. As a result, the supply curve

If the price of good X falls and the demand for good X is inelastic, then the percentage __________ in quantity demanded is __________ the percentage fall in price, and total revenue __________.

A good will tend to have a low price elasticity of demand if

Which of the following is not a determinant of price elasticity of demand for good Z?

Exhibit 19-9 ​ Refer to Exhibit 19-9. What is the price elasticity of supply between $4 and $6?

If price elasticity of supply is greater than 1, it means that the percentage change in quantity supplied is

A per-unit tax is placed on the production of good Y. Someone who believes that the producers of the good will end up paying the full tax may be assuming that the good's demand curve is

A good is unit elastic in demand if as the price changes there is no resulting change in total revenue.

Cross elasticity of demand measures the responsiveness of changes in the quantity __________ of one good to changes in __________.

What Economics Is About

Production Possibilities Frontier Framework

Supply and Demand: Theory

Prices: Free, Controlled, and Relative

Supply, Demand, and Price: Applications

Consumer Choice: Maximizing Utility and Behavioral Economics

Production and Costs

Perfect Competition

Monopoly

Monopolistic Competition, Oligopoly, and Game Theory

Government and Product Markets: Antitrust and Regulation

Factor Markets: With Emphasis on the Labor Market

Wages, Union, and Labor

The Distribution of Income and Poverty

Interest, Rent, and Profit

Market Failure: Externalities, Public Goods, and Asymmetric Information

Public Choice and Special-Interest-Group Politics

Building Theories to Explain Everyday Life: From Observations to Questions to Theories to Predictions

International Trade

International Finance

The Economic Case for and Against Government: Five Topics Considered

Stocks, Bonds, Futures, and Options

Filters

Exhibit 19-4 Refer to Exhibit 19-4. As a consequence of the depicted change in supply of X, the demand curve for Y shifted from D₁ to D₂. What is true of the cross elasticity of demand for Y?

The demand curve for good X is a straight downward-sloping line. It follows that the demand for good X is elastic at prices than at ____ prices.

If the price of good X rises and the demand for good X is inelastic, then the percentage fall in quantity demanded is the percentage rise in price, and total revenue .

As price rises from $22 to $26, quantity supplied rises from 100 to 110 units and quantity demanded falls from 90 units to 65 units. It follows that supply is and demand is .

Exhibit 19-2 Refer to Exhibit 19-2. The market for good X is initially in equilibrium at $5. The government then places a tax on the producers of good X, taxing them on each unit of good X they sell. As a result, the supply curve

If the price of good X falls and the demand for good X is inelastic, then the percentage in quantity demanded is the percentage fall in price, and total revenue __.

Exhibit 19-9 Refer to Exhibit 19-9. What is the price elasticity of supply between $4 and $6?

Cross elasticity of demand measures the responsiveness of changes in the quantity of one good to changes in .