
Economics - Topics in Demand and Supply Analysis
Quiz
•
Business
•
University
•
Practice Problem
•
Hard
Jason Turkiela
Used 3+ times
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12 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
If the price elasticity coefficient of the demand curve for paper clips is equal to
–1, demand is:
elastic.
inelastic.
unit elastic.
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
-0.778
-0.500
-0.438
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Price elasticity of demand for a good will most likely be greater if:
there are no substitutes for the good.
consumers consider the good as discretionary.
consumers spend a small portion of their budget on the good.
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
For a Giffen good, the:
demand curve is positively sloped.
substitution effect overwhelms the income effect.
income and substitution effects are in the same direction.
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The production relationship between the number of machine hours and total
product for a company is presented below.
Diminishing marginal returns first occur beyond machine hour:
3.
4.
5.
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The marginal revenue per unit sold for a firm doing business under conditions
of perfect competition will most likely be:
equal to average revenue.
less than average revenue.
greater than average revenue.
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The short-term breakeven point of production for a firm operating under perfect
competition will most likely occur when:
price is equal to average total cost.
marginal revenue is equal to marginal cost.
marginal revenue is equal to average variable costs.
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