超星 - Chapter 5 Online Quizzes

单选题

Whendemandiselastic,adecreaseinpricewillcause

A. an increase in total revenue.
B. a decrease in total revenue.
C. no change in total revenue but an increase in quantity demanded.
D. no change in total revenue but a decrease in quantity demanded.

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单选题

Supposethatquantitydemandfallsby30%asaresultofa5%increaseinprice.Thepriceelasticityofdemandforthisgoodis

A. inelastic and equal to 6.
B. elastic and equal to 6.
C. inelastic and equal to 0.17.
D. elastic and equal to 0.17.

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单选题

Supposethepriceofpotatochipsdecreasesfrom$1.45to$1.25and,asaresult,thequantityofpotatochipsdemandedincreasesfrom2,000to2,200.Usingthemidpointmethod,thepriceelasticityofdemandforpotatochipsinthegivenpricerangeis

A. 2.00.
B. 1.55.
C. 1.00.
D. 0.64.

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单选题

Anincreaseinpricecausesanincreaseintotalrevenuewhendemandis

A. elastic.
B. inelastic.
C. unit elastic.
D. All of the above are possible.

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单选题

Whendemandisinelastic,adecreaseinpricewillcause

A. an increase in total revenue.
B. a decrease in total revenue.
C. no change in total revenue but an increase in quantity demanded.
D. no change in total revenue but a decrease in quantity demanded.

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单选题

Ifthepriceofwalnutsrises,manypeoplewouldswitchfromconsumingwalnutstoconsumingpecans.Butifthepriceofsaltrises,peoplewouldhavedifficultypurchasingsomethingtouseinitsplace.Theseexamplesillustratetheimportanceof

A. the availability of close substitutes in determining the price elasticity of demand.
B. a necessity versus a luxury in determining the price elasticity of demand.
C. the definition of a market in determining the price elasticity of demand.
D. the time horizon in determining the price elasticity of demand.

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单选题

Elasticityofdemandiscloselyrelatedtotheslopeofthedemandcurve.Themoreresponsivebuyersaretoachangeinprice,the

A. steeper the demand curve will be.
B. flatter the demand curve will be.
C. further to the right the demand curve will sit.
D. closer to the vertical axis the demand curve will sit.

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单选题

Ryansaysthathewouldbuyonecupofcoffeeeverydayregardlessoftheprice.Ifheistellingthetruth,Ryan’s

A. demand for coffee is perfectly inelastic.
B. price elasticity of demand for coffee is 1.
C. income elasticity of demand for coffee is 0.
D. None of the above answers is correct.

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单选题

Acitywantstoraiserevenuestobuildanewmunicipalswimmingpoolnextyear.Themayorsuggeststhatthecityraisethepriceofadmissiontothecurrentmunicipalpoolsthisyeartoraiserevenues.Thecitymanagersuggeststhatthecitylowerthepriceofadmissiontoraiserevenues.Whoiscorrect?

A. the mayor
B. the city manager
C. The answer depends on the price elasticity of demand.
D. The answer depends on the costs of construction of the new municipal swimming pool.

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单选题

Foraparticulargood,a5percentincreaseinpricecausesa15percentdecreaseinquantitydemanded.Whichofthefollowingstatementsismostlikelyapplicabletothisgood?

A. There are many substitutes for this good.
B. The good is a necessity.
C. The market for the good is broadly defined.
D. The relevant time horizon is short.

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