Elasticity in the Market

Question 1

1 out of 1 points

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| Which of the following is likely to have the most price inelastic demand?Answer | | | |

| Selected Answer: |          toothpaste |

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Question 2

1 out of 1 points

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| For a good that is a luxury, demandAnswer | | | |

| Selected Answer: |    tends to be elastic. |

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 Question 3

1 out of 1 points

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| There are very few, if any, good substitutes for motor oil. Therefore,Answer | | | |

| Selected Answer: |    the demand for motor oil would tend to be inelastic. |

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 Question 4

1 out of 1 points

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| Which of the following statements is correct?Answer | | | |

| Selected Answer: |    All of the above are correct. |

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 Question 5

1 out of 1 points

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| If the price elasticity of demand for a good is 0.8, then which of the following events is consistent with a 4 percent decrease in the quantity of the good demanded?Answer | | | |

| Selected Answer: |    a 5 percent increase in the price of the good |

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Question 7

1 out of 1 points

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| As we move downward and to the right along a linear, downward-sloping demand curve,Answer | | | |

| Selected Answer: |    slope remains constant but elasticity changes. |

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Question 8

1 out of 1 points

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| Which of the following will NOT affect the elasticity of demand for a product?Answer | | | |

| Selected Answer: |    the cost of producing the product |

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Question 9

1 out of 1 points

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| The cross-price elasticity of demand between goods X and Y

 Answer | | | |

| Selected Answer: |    both a and c |

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Question 10

1 out of 1 points

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| Marginal revenueAnswer | | | |

| Selected Answer: |    both a and c |

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Question 11

1 out of 1 points

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| When the price of corn dogs is $0.50, 10,000 corn dogs are demanded.  When the...