
MICRO CH 6, 7, 9
Quiz
•
Social Studies
•
University
•
Hard
Nahreen Rahman
Used 5+ times
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20 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
A perfectly inelastic demand schedule:
rises upward and to the right, but has a constant slope.
can be represented by a line parallel to the vertical axis.
cannot be shown on a two-dimensional graph.
can be represented by a line parallel to the horizontal axis.
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Price elasticity of supply is:
positive in the short run but negative in the long run
greater in the long run than in the short run.
greater in the short run than in the long run.
independent of time.
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Cross elasticity of demand measures how sensitive purchases of a specific product are to changes in:
the price of some other product.
the price of that same product.
income.
the general price level.
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
A consumer's demand curve for a product is downsloping because:
total utility falls below marginal utility as more of a product is consumed.
marginal utility diminishes as more of a product is consumed.
time becomes less valuable as more of a product is consumed.
the income and substitution effects precisely offset each other.
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Marginal utility can be:
positive, but not negative.
positive or negative, but not zero.
positive, negative, or zero.
decreasing, but not negative.
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Marginal utility is the:
sensitivity of consumer purchases of a good to changes in the price of that good.
change in total utility obtained by consuming one more unit of a good.
total utility associated with the consumption of a certain number of units of a good divided by the number of units consumed.
change in total utility obtained by consuming another unit of a good divided by the change in the price of that good.
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Demand is said to be inelastic when:
The elasticity coefficient exceeds one
The elasticity coefficient equals one
The elasticity coefficient is less than one
An increase in price results in a reduction in total revenue
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