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Chap 5

Authored by Truong Tran

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University

Chap 5
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a small percentage increase in the price of a good greatly reduces the quantity demanded for that good, the demand for that good is ________.

price elastic

unit price elastic

price inelastic

income inelastic

income elastic

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The price elasticity of demand is defined as ________.

the percentage change in price of a good divided by the percentage change in the quantity demanded of that good

the percentage change in income divided by the percentage change in the quantity demanded

the percentage change in the quantity demanded of a good divided by the percentage change in the price of that good

the percentage change in the quantity demanded divided by the percentage change in income

none of the answer choices

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In general, a flatter demand curve is more likely to be ________.

price elastic

price inelastic

unit price elastic

none of the answer choices

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In general, a steeper supply curve is more likely to be ________.

price elastic

price inelastic

unit price elastic

none of the answer choices

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following would cause a demand curve for a good to be price inelastic?

The good is inferior.

There are a great number of substitutes for the good.

The good is a luxury.

The good is a necessity.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The demand for which of the following is likely to be the most price inelastic?

Delta airline tickets

Transportation

Greyhound bus tickets

Uber rides

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the cross-price elasticity between two goods is negative, the two goods are likely to be ________.

complements

luxuries

substitutes

necessities

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