Exam 4: Elasticity

Satellite TV is a close substitute for cable TV.In the 1990's,small satellite TV units were developed that made it more practical for individual consumers to subscribe to satellite TV service.This caused the price elasticity of demand for cable TV service to:

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Question 1

Correct Answer:

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Big-ticket items such as refrigerators have a(n)_____ price elasticity of demand compared to low budget items such as paper towels.

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Question 2

Correct Answer:

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If the slope of the demand curve is -0.167,price is $8 and quantity demanded is 12 units,then demand for this good is:

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Question 3

Correct Answer:

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Price elasticity of demand is a measure of:

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Question 4

When the price of lettuce rises,the demand for salad dressing _______ because these two goods are complements.

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Question 5

A perfectly elastic demand curve has a slope of while a perfectly inelastic demand curve has a slope of .

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Question 6

Small budget items such as soap have ______ price elasticity of demand compared to big-ticket items such as flat-screen TVs.

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Question 7

If a one percent increase in the price of oranges leads to a five percent increase in the quantity supplied,the price elasticity of supply for oranges is ______.

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Question 8

In 1985 a desert community stopped pumping from a 1000 foot well because it had run dry.In 2005 the price of water doubled.The community then drilled the well deeper and started pumping again.In this community,

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Question 9

When calculating price elasticity of demand,if the numerator is positive,the denominator is:

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Question 10

Demand tends to be _______ in the short run than in the long run.

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Question 11

If the consumers can easily switch to a close substitute when the price of a good increases,demand for that good is likely to be:

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Question 12

Suppose that the demand for electricity has been found to be inelastic.The most likely explanation for this finding is that:

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Question 13

The cross-price elasticity of two goods that are close substitutes can never be:

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Question 14

Generally speaking,demand for a good will be more inelastic:

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Question 15

An increase in the price of hamburger from $3 to $4 leads to an increase in quantity supplied from 100 units to 150 units.At the original price,the price elasticity of supply for hamburgers is _ and at this point the supply curve is ___.

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Question 16

A cross-price elasticity of -1.2 indicates that the two goods under consideration are:

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Question 17

Lakeville is a small community that completely surrounds a scenic lake up north.Lakeville's zoning regulations require that residential lots have at least one hundred feet of frontage,or shoreline,on the lake.The total shoreline of the lake is 5,000 feet. Assuming that the zoning regulations in Lakeville remain enforced,elasticity of supply of lakefront property is,

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Question 18

An increase in the price of golf clubs from $75 to $125 led to an increase in quantity supplied from 200 units to 300 units.The price elasticity of supply for golf club is _ so the supply curve is ___.

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Question 19

The following graph depicts demand. Refer to the figure above.The price elasticity of demand at point D is:

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Question 20

Showing 1 - 20 of 130

Satellite TV is a close substitute for cable TV.In the 1990's,small satellite TV units were developed that made it more practical for individual consumers to subscribe to satellite TV service.This caused the price elasticity of demand for cable TV service to:

Big-ticket items such as refrigerators have a(n)_____ price elasticity of demand compared to low budget items such as paper towels.

If the slope of the demand curve is -0.167,price is $8 and quantity demanded is 12 units,then demand for this good is:

Price elasticity of demand is a measure of:

When the price of lettuce rises,the demand for salad dressing _______ because these two goods are complements.

A perfectly elastic demand curve has a slope of while a perfectly inelastic demand curve has a slope of .

Small budget items such as soap have ______ price elasticity of demand compared to big-ticket items such as flat-screen TVs.

If a one percent increase in the price of oranges leads to a five percent increase in the quantity supplied,the price elasticity of supply for oranges is ______.

In 1985 a desert community stopped pumping from a 1000 foot well because it had run dry.In 2005 the price of water doubled.The community then drilled the well deeper and started pumping again.In this community,

When calculating price elasticity of demand,if the numerator is positive,the denominator is:

Demand tends to be _______ in the short run than in the long run.

If the consumers can easily switch to a close substitute when the price of a good increases,demand for that good is likely to be:

Suppose that the demand for electricity has been found to be inelastic.The most likely explanation for this finding is that:

The cross-price elasticity of two goods that are close substitutes can never be:

Generally speaking,demand for a good will be more inelastic:

An increase in the price of hamburger from $3 to $4 leads to an increase in quantity supplied from 100 units to 150 units.At the original price,the price elasticity of supply for hamburgers is _ and at this point the supply curve is ___.

A cross-price elasticity of -1.2 indicates that the two goods under consideration are:

An increase in the price of golf clubs from $75 to $125 led to an increase in quantity supplied from 200 units to 300 units.The price elasticity of supply for golf club is _ so the supply curve is ___.

The following graph depicts demand. Refer to the figure above.The price elasticity of demand at point D is:

Thinking Like an Economist

Comparative Advantage

Supply and Demand

Demand

Perfectly Competitive Supply

Efficiency, Exchange, and the Invisible Hand in Action

Monopoly, Oligopoly, and Monopolistic Competition

Games and Strategic Behavior

Externalities and Property Rights

The Economics of Information

Labor Markets, Poverty, and Income Distribution

The Environment, Health, and Safety

Public Goods and Tax Policy

Filters

Exam 4: Elasticity

Satellite TV is a close substitute for cable TV.In the 1990's,small satellite TV units were developed that made it more practical for individual consumers to subscribe to satellite TV service.This caused the price elasticity of demand for cable TV service to:

Big-ticket items such as refrigerators have a(n)_____ price elasticity of demand compared to low budget items such as paper towels.

If the slope of the demand curve is -0.167,price is $8 and quantity demanded is 12 units,then demand for this good is:

Price elasticity of demand is a measure of:

When the price of lettuce rises,the demand for salad dressing _______ because these two goods are complements.

A perfectly elastic demand curve has a slope of ______ while a perfectly inelastic demand curve has a slope of ______.

Small budget items such as soap have ______ price elasticity of demand compared to big-ticket items such as flat-screen TVs.

If a one percent increase in the price of oranges leads to a five percent increase in the quantity supplied,the price elasticity of supply for oranges is ______.

In 1985 a desert community stopped pumping from a 1000 foot well because it had run dry.In 2005 the price of water doubled.The community then drilled the well deeper and started pumping again.In this community,

When calculating price elasticity of demand,if the numerator is positive,the denominator is:

Demand tends to be _______ in the short run than in the long run.

If the consumers can easily switch to a close substitute when the price of a good increases,demand for that good is likely to be:

Suppose that the demand for electricity has been found to be inelastic.The most likely explanation for this finding is that:

The cross-price elasticity of two goods that are close substitutes can never be:

Generally speaking,demand for a good will be more inelastic:

An increase in the price of hamburger from $3 to $4 leads to an increase in quantity supplied from 100 units to 150 units.At the original price,the price elasticity of supply for hamburgers is _____ and at this point the supply curve is _______.

A cross-price elasticity of -1.2 indicates that the two goods under consideration are:

An increase in the price of golf clubs from $75 to $125 led to an increase in quantity supplied from 200 units to 300 units.The price elasticity of supply for golf club is _____ so the supply curve is _______.

The following graph depicts demand. Refer to the figure above.The price elasticity of demand at point D is:

Thinking Like an Economist

Comparative Advantage

Supply and Demand

Demand

Perfectly Competitive Supply

Efficiency, Exchange, and the Invisible Hand in Action

Monopoly, Oligopoly, and Monopolistic Competition

Games and Strategic Behavior

Externalities and Property Rights

The Economics of Information

Labor Markets, Poverty, and Income Distribution

The Environment, Health, and Safety

Public Goods and Tax Policy

Filters

A perfectly elastic demand curve has a slope of while a perfectly inelastic demand curve has a slope of .

An increase in the price of hamburger from $3 to $4 leads to an increase in quantity supplied from 100 units to 150 units.At the original price,the price elasticity of supply for hamburgers is _ and at this point the supply curve is ___.

An increase in the price of golf clubs from $75 to $125 led to an increase in quantity supplied from 200 units to 300 units.The price elasticity of supply for golf club is _ so the supply curve is ___.