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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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.
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.
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.
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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