Refer to Figure 5-1. Between point A and point B, the slope is equal to

-1/4, and the price elasticity of demand is equal to 3/2.

-1/4, and the price elasticity of demand is equal to 2/3.

-3/2, and the price elasticity of demand is equal to 1/4.

-2/3, and the price elasticity of demand is equal to 3/2.

Refer to Figure 5-1. Between point A and point B on the graph, demand is

elastic, but not perfectly elastic.

Refer to Figure 5-2. A Price–Quantity graph shows three straight-line demand curves labeled D1, D2, and D3. Dashed horizontal lines mark a price decrease from Pa to Pb, and a point on the curves at Pb. As price falls from Pa to Pb, which demand curve represents the most elastic demand?

All of the above are equally elastic.

Refer to Figure 5-2. Using the same Price–Quantity graph with demand curves D1, D2, and D3 and a price decrease from Pa to Pb indicated by dashed lines, which of the three demand curves would produce the smallest elasticity as price falls from Pa to Pb?

All of the above are equally elastic.

Refer to Table 5-5. Demand is unit elastic when quantity demanded changes from

There is not enough information given to determine the correct answer.

Refer to Table 5-5. When price is between $$5 and $$ 9, demand is

There is not enough information given to determine whether demand is elastic, unit elastic, or inelastic.

Refer to Figure 5-4. Suppose the point labeled B is the "halfway point" on the demand curve and it corresponds to a price of $$5.00. Then, between prices of $$ 4.99 and $5.01, the price elasticity of demand is

less than 1 but greater than zero.

Refer to Figure 5-4. The section of the demand curve from A to B represents the

elastic section of the demand curve.

inelastic section of the demand curve.

unit elastic section of the demand curve.

perfectly elastic section of the demand curve.

Refer to Figure 5-4. The section of the demand curve from B to C represents the

inelastic section of the demand curve.

elastic section of the demand curve.

unit elastic section of the demand curve.

perfectly elastic section of the demand curve.

Refer to Figure 5-4. The section of the demand curve at point B represents the

unit elastic section of the demand curve.

elastic section of the demand curve.

inelastic section of the demand curve.

perfectly elastic section of the demand curve.

Refer to Figure 5-4. Assume the section of the demand curve from A to B corresponds to prices between $$8 and $$ 16. Then, when the price changes between $$9 and $$ 10,

quantity demanded changes proportionately more than the price.

quantity demanded changes proportionately less than the price.

quantity demanded changes the same amount proportionately as price.

the price elasticity of demand equals 1.

Refer to Figure 5-4. Assume the section of the demand curve from A to B corresponds to prices between $$6 and $$ 12. Then, when the price increases from $$8 to $$ 10,

the percent increase in the quantity demanded exceeds the percent increase in the price.

the percent increase in the price exceeds the percent decrease in the quantity demanded.

sellers’ total revenue increases as a result.

it is possible that the quantity demanded fell from 550 to 500 as a result.

Refer to Figure 5-4. Assume, for the good in question, two specific points on the demand curve are (Q = 1,000, P = $$40) and (Q = 1,500, P = $$ 30). Then which of the following scenarios is possible?

The vertical intercept of the demand curve is the point (Q = 0, P = $60).

Both of these points lie on the section of the demand curve from B to C.

The horizontal intercept of the demand curve is the point (Q = 1,800, P = $0).

Any of these scenarios is possible.

Refer to Figure 5-4. The section of the demand curve from B to C represents the

inelastic section of the demand curve.

elastic section of the demand curve.

perfectly elastic section of the demand curve.

unit elastic section of the demand curve.

Refer to Figure 5-4. Assume the section of the demand curve from B to C corresponds to prices between $$0 and $$ 15. Then, when the price changes between $$7 and $$ 9,

quantity demanded changes proportionately less than the price.

quantity demanded changes proportionately more than the price.

quantity demanded changes the same amount proportionately as price.

the price elasticity of demand equals zero.

Refer to Figure 5-4. Assume, for the good in question, two specific points on the demand curve are (Q = 2,000, P = $$15) and (Q = 2,400, P = $$ 12). Then which of the following scenarios is possible?

Both of these points lie on section BC of the demand curve.

The vertical intercept of the demand curve is the point (Q = 0, P = $22).

The horizontal intercept of the demand curve is the point (Q = 5,000, P = $0).

Any of these scenarios is possible.

Refer to Figure 5-4. If the price decreases in the region of the demand curve between points A and B, we can expect total revenue to

first decrease, then increase until total revenue is maximized.

Refer to Figure 5-4. If the price increases in the region of the demand curve between points A and B, we can expect total revenue to

first increase, then decrease until total revenue is maximized.

Refer to Figure 5-4. If the price decreases in the region of the demand curve between points B and C, we can expect total revenue to

first increase, then decrease until total revenue is maximized.

Refer to Figure 5-4. If the price increases in the region of the demand curve between points B and C, we can expect total revenue to

first decrease, then increase until total revenue is maximized.

hình51(1)

Authored by Thu Nguyễn Thị Minh

Professional Development

University

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Refer to Table 5-1. Which of the following is consistent with the elasticities given in Table 5-1?

A is a luxury and B is a necessity.

A is a good after an increase in income and B is that same good after a decrease in income.

A has fewer substitutes than B.

A is a good immediately after a price increase and B is that same good 3 years after the price increase.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Refer to Table 5-1. Which of the following is consistent with the elasticities given in Table 5-1?

A is laundry detergent and B is Tide.

A is Diet Pepsi and B is soda.

A is food and B is a yacht.

A is toilet paper and B is candles.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Refer to Table 5-1. Which of the following is consistent with the elasticities given in Table 5-1?

A is pens and B is pencils.

A is a Snickers bar and B is a Milky Way bar.

A is an airline ticket from Chicago to New York demanded by a vacationer and B is an airline ticket from Chicago to New York demanded by a business traveler.

A is a bottle of water demanded by a tourist in a desert and B is a bottle of water demanded by a tourist in a rain forest.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

5.3.

2.8.

0.8.

0.36.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

0.4.

0.9.

1.1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

0.31.

0.46.

1.25.

2.17

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

zero.

unit elastic.

inelastic.

elastic.

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hình51(1)

Refer to Table 5-1. Which of the following is consistent with the elasticities given in Table 5-1?

Refer to Table 5-1. Which of the following is consistent with the elasticities given in Table 5-1?

Refer to Table 5-1. Which of the following is consistent with the elasticities given in Table 5-1?

Using the midpoint method, in which range is demand most elastic?

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