Question 1

The cross elasticity between computers and software is

Accepted Answer

A)  negative because they are substitutes. 
B)  positive because they are substitutes. 
C)  negative because they are complements. 
D)  positive because they are complements. 
E)  positive because they are normal goods. 
A)  negative because they are substitutes. 
B)  positive because they are substitutes. 
C)  negative because they are complements. 
D)  positive because they are complements. 
E)  positive because they are normal goods.

Question 2

For a product with a constant or gently increasing opportunity cost of producing additional units,as more is produced,we expect that

Accepted Answer

A)  demand is price elastic. 
B)  supply is price elastic. 
C)  demand is price inelastic. 
D)  supply is price inelastic. 
E)  demand is unit elastic. 
A)  demand is price elastic. 
B)  supply is price elastic. 
C)  demand is price inelastic. 
D)  supply is price inelastic. 
E)  demand is unit elastic.

The cross elasticity between computers and software is

For a product with a constant or gently increasing opportunity cost of producing additional units,as more is produced,we expect that

Getting Started

The U.S.and Global Economies

The Economic Problem

Demand and Supply

Efficiency and Fairness of Markets

Government Actions in Markets

Taxes

Global Markets in Action

Externalities

Public Goods and Common Resources

Markets with Private Information

Consumer Choice and Demand

Production and Cost

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Markets for Factors of Production

Economic Inequality

Filters

Exam 5: Elasticities of Demand and Supply

The cross elasticity between computers and software is

For a product with a constant or gently increasing opportunity cost of producing additional units,as more is produced,we expect that

Getting Started

The U.S.and Global Economies

The Economic Problem

Demand and Supply

Efficiency and Fairness of Markets

Government Actions in Markets

Taxes

Global Markets in Action

Externalities

Public Goods and Common Resources

Markets with Private Information

Consumer Choice and Demand

Production and Cost

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Markets for Factors of Production

Economic Inequality

Filters