[单选]If the price of natural gas rises, when is the price elasticity of demand likely to be the highest?
A. immediately after the price increase
B. one month after the price increase
C. three months after the price increase
D. one year after the price increase
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[单选]If the price of walnuts rises, many people would switch from consuming walnuts to consuming pecans. But if the price of salt rises, people would have difficulty purchasing something to use in its place. These examples illustrate the importance of
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.
[单选]For a particular good, a 5 percent increase in price causes a 15 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good?
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.
[单选]Which of the following is likely to have the most price elastic demand?
A. ice cream
B. frozen yogurt
C. vanilla ice cream
D. Häagen-Dazs® vanilla bean ice cream
[单选]完全弹性的需求意味着
A. 买家不会对价格的任何变化做出反应。
B. 任何高于需求曲线所代表的价格上涨都将导致需求量为零。
C. 当我们沿着需求曲线移动时,需求量和价格变化的百分比相同。
D. 当需求量发生变化时,价格将无限上升。
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