Microeconomics - Unit 3 & 4 Module quizzes and practice
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B ECON 300 ECO2023 A6 - Chapter 7 Economics Key Concepts: Costs, Util... ECON 2
46 terms 10 terms 89 terms 44 terms
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In general, what affect does an increase in the number of C
buyers have on the total quantity of a good or service?
A. The greater the number of buyers, the greater the
supply.
B. The greater the number of buyers, the lower the
demand.
C. The greater the number of buyers, the greater the
demand.
D. The greater the number of buyers, the lower the
supply.
Which of the following will cause a shift in demand? B
A. Raw materials going up in price.
B. Consumer tastes changing because of advertising.
C. A new business opening up.
D.An existing technology being modified to produce a
good more efficiently.
Which of the following will cause a shift in supply? B
A. Consumers becoming more health conscious.
B. A new technology being developed to produce a
good.
C. Consumer tastes changing because of advertising.
D. Incomes starting to rise.
What occurs when the quantity of a good or service D
supplied exceeds the quantity demanded at the current
price?
A. Equilibrium
B. Shortage
C. Demand
D. Surplus
, The market for garlic is in equilibrium, then both the A
supply and the demand for garlic increase. What affect
will this change have on the equilibrium price and
quantity for garlic?
A. The change in equilibrium price is ambiguous and the
quantity increases.
B. The change in equilibrium price is ambiguous and the
quantity decreases.
C. The change in equilibrium price falls and the quantity
increases.
D. The change in equilibrium price rises and the quantity
decreases.
A seller expects that when the price is raised by 17%, the B
quantity sold will drop by 15%.
What is the price elasticity of demand, and what will
happen to the total revenues?
A. Elasticity is 1.13, and revenues will fall
B. Elasticity is 0.88, and revenues will rise
C. Elasticity is 1.13 and revenues will rise
D. Elasticity is 0.88, and revenues will fall
Which demand characteristic can be classified as unit A
elastic?
A. Price elasticity of demand equals 1 all along the
demand curve
B. Demand is horizontal
C. Demand is vertical
D. Price elasticity of demand equals infinity
Which demand characteristic can be classified as D
perfectly elastic?
A. Demand is vertical
B. No matter what the price is, the same amount is always
sold
C. Price elasticity of demand equals 1 all along demand
curve
D. Above the current price, nothing will be purchased
Which kind of line represents a perfectly inelastic supply B
curve?
A. Curved
B. Vertical
C. Downward sloping
D. Horizontal
A seller can predict that revenues will drop when prices A
are raised by 15% because quantity sold will drop by 20%.
What is the price elasticity of demand?
A. 1.33
B. 5.00
C. 0.75
D. 3.00
questions
Save
Students also studied
B ECON 300 ECO2023 A6 - Chapter 7 Economics Key Concepts: Costs, Util... ECON 2
46 terms 10 terms 89 terms 44 terms
daynaverl8 Preview pyescew Preview quizlette18864454 Preview ada
In general, what affect does an increase in the number of C
buyers have on the total quantity of a good or service?
A. The greater the number of buyers, the greater the
supply.
B. The greater the number of buyers, the lower the
demand.
C. The greater the number of buyers, the greater the
demand.
D. The greater the number of buyers, the lower the
supply.
Which of the following will cause a shift in demand? B
A. Raw materials going up in price.
B. Consumer tastes changing because of advertising.
C. A new business opening up.
D.An existing technology being modified to produce a
good more efficiently.
Which of the following will cause a shift in supply? B
A. Consumers becoming more health conscious.
B. A new technology being developed to produce a
good.
C. Consumer tastes changing because of advertising.
D. Incomes starting to rise.
What occurs when the quantity of a good or service D
supplied exceeds the quantity demanded at the current
price?
A. Equilibrium
B. Shortage
C. Demand
D. Surplus
, The market for garlic is in equilibrium, then both the A
supply and the demand for garlic increase. What affect
will this change have on the equilibrium price and
quantity for garlic?
A. The change in equilibrium price is ambiguous and the
quantity increases.
B. The change in equilibrium price is ambiguous and the
quantity decreases.
C. The change in equilibrium price falls and the quantity
increases.
D. The change in equilibrium price rises and the quantity
decreases.
A seller expects that when the price is raised by 17%, the B
quantity sold will drop by 15%.
What is the price elasticity of demand, and what will
happen to the total revenues?
A. Elasticity is 1.13, and revenues will fall
B. Elasticity is 0.88, and revenues will rise
C. Elasticity is 1.13 and revenues will rise
D. Elasticity is 0.88, and revenues will fall
Which demand characteristic can be classified as unit A
elastic?
A. Price elasticity of demand equals 1 all along the
demand curve
B. Demand is horizontal
C. Demand is vertical
D. Price elasticity of demand equals infinity
Which demand characteristic can be classified as D
perfectly elastic?
A. Demand is vertical
B. No matter what the price is, the same amount is always
sold
C. Price elasticity of demand equals 1 all along demand
curve
D. Above the current price, nothing will be purchased
Which kind of line represents a perfectly inelastic supply B
curve?
A. Curved
B. Vertical
C. Downward sloping
D. Horizontal
A seller can predict that revenues will drop when prices A
are raised by 15% because quantity sold will drop by 20%.
What is the price elasticity of demand?
A. 1.33
B. 5.00
C. 0.75
D. 3.00
