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Terms in this set (10)Which of the following statements about the price elasticity of demand is correct? a. The price elasticity of demand for a good measures the willingness of buyers of the good to buy less of the good as its price increases. b. Price elasticity of demand reflects the many economic, psychological, and social forces that shape consumer tastes. c. Other things equal, if good x has close substitutes and good y does not have close substitutes, then the demand for good x will be more elastic than the demand for good y. d. All of the above are correct. d. all of the above Which of the following is not a determinant of the price elasticity of demand for a good? a. the time horizon b. the steepness or flatness of the supply curve for the good c. the definition of the market for the good d. the availability of substitutes for the good b. the steepness or flatness of the supply curve for the good Which of the following is consistent with the elasticities given in the Table? Good A 1.3 (Price Elasticity of Demand) a. A is a luxury, and B is a necessity. b. A is a good several years after a price increase, and B is that same good several days after the price increase. c. A is a Kit Kat bar, and B is candy. d. A has fewer substitutes than B. d. A has fewer substitutes than B For a particular good, a 12 percent increase in price causes a 3 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 narrowly defined. d. The relevant time horizon is long. b. The good is a necessity A perfectly elastic demand implies that a. buyers will not respond to any change in price. b. any rise in price above that represented by the demand curve will result in a quantity demanded of zero. c. quantity demanded and price change by the same percent as we move along the demand curve. d. price will rise by an infinite amount when there is a change in quantity demanded. b. any rise in price above that represented by the demand curve will result in a quantity demanded of zero. When demand is inelastic, the price elasticity of demand is a. less than 1, and price and total revenue will move in the same direction. b. less than 1, and price and total revenue will move in opposite directions. c. greater than 1, and price and total revenue will move in the same direction. d. greater than 1, and price and total revenue will move in opposite directions. a. less than 1, and price and total revenue will move in the same direction. Total revenue will be at its largest value on a linear demand curve at the a. top of the curve, where prices are highest. b. midpoint of the curve. c. low end of the curve, where quantity demanded is highest. d. None of the above is correct. b. midpoint of the curve When her income increased from $10,000 to $20,000, Heather's consumption of macaroni decreased from 10 pounds to 5 pounds and her consumption of soy-burgers increased from 2 pounds to 4 pounds. We can conclude that for Heather, macaroni a. and soy-burgers are both normal goods with income elasticities equal to 1. b. is an inferior good and soy-burgers are normal goods; both have income elasticities of 1. c. is an inferior good with an income elasticity of -1 and soy-burgers are normal goods with an income elasticity of 1. d. and soy-burgers are both inferior goods with income elasticities equal to -1. c. is an inferior good with an income elasticity of -1 and soy-burgers are normal goods with an income elasticity of 1. A key determinant of the price elasticity of supply is a. the ability of sellers to change the price of the good they produce. b. the ability of sellers to change the amount of the good they produce. c. how responsive buyers are to changes in sellers' prices. d. the slope of the demand curve. b. the ability of sellers to change the amount of the good they produce. A decrease in supply will cause the smallest increase in price when a. both supply and demand are inelastic. b. demand is elastic and supply is inelastic. c. both supply and demand are elastic. d. demand is inelastic and supply is elastic. c. both supply and demand are elastic Students also viewedUnit 2 Check for Understanding18 terms Mortaldragon21PLUS Unit 3 Production Choice and Behavior Quiz #19 terms Mortaldragon21PLUS Assignment 634 terms Therpi_Derp Micro econ test 240 terms madelynocken Sets found in the same folderChapter 637 terms Elizabeth_Marlette Econ 202 Ch 5 Q&A10 terms jatielke2 Chapter 457 terms superhomeworkhelp Elasticity T/F34 terms mmdelaney98 Other sets by this creatorMKT 350 Ch. 524 terms reilly_butler4 MKT 350 Ch. 411 terms reilly_butler4 MKT 350 Ch. 318 terms reilly_butler4 MKT 350 Ch. 217 terms reilly_butler4 Verified questionseconomics Why is privatization necessary to create a free market economy? Verified answer
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Which of these is a determinant of price elasticity of supply quizlet?Time is the most important determinant of the elasticity of supply. Price elasticity of supply is greater than 1. The percentage change in quantity supplied is greater than the percentage change in price.
What are the 3 determinants of elasticity of supply?Determinants of Elasticity of Supply
Effortlessness of switching. Ease of storage. Length of the period of production.
What is the greatest determinant of the price elasticity of supply?Answer and Explanation: Time is considered the most important determinant of supply elasticity. The elasticity of supply can be determined in the short-run and long-run through various factors inputs required for the production of goods and services.
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Which of the following is a determinant of the price elasticity of supply Quizlet
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