Eco05L3

Eco05L3

1

The figure shows the demand curve for popsicles. The price elasticity of demand when the price of a popsicle increases from $0.30 to $0.50 is _________.

0
2
1/2
1

2

The figure illustrates Anne's demand for books. At _________________ a book, Anne's demand for books is elastic.

all prices below $30
all prices between $10 and $15
$15
all prices between $15 and $30

3

Cola has more close substitutes than do soft drinks. The price elasticity of demand for cola is _______ the price elasticity of demand for soft drinks.

greater than
a lot less than
the same as
less than

4

The figure illustrates the demand for eggs. At what price will egg sellers maximize their total revenue?

$0.75 a dozen
above $0.75 a dozen
less than $0.75 a dozen
$1.50 a dozen

5

The price elasticity of demand for videos is 4. If the price of a video increased by 2 percent, the quantity demanded will ___________________.

decrease by 8 percent
decrease by 0.5 percent
increase by 8 percent
decrease by 2 percent

6

Sara's Strawberry Market maximizes its total revenue by selling strawberries for $1.25 a basket. At a price of $1.25, you predict that ______________.

the demand for strawberries is unit elastic
the demand for strawberries is elastic
the demand for strawberries is inelastic
Sara's sells all the strawberries that it grows

7

Donuts and coffee are complements. When the price of a donut increases, the demand for coffee __________ and the cross elasticity of demand for coffee with respect to the price of a donut is _____________.

decreases; negative
increases; positive
increases; negative
decreases; positive

8

If when income increases by 15 percent increase and the price does not change the quantity of airplane travel demanded increases by 60 percent, then the income elasticity of demand of airplane travel is _________.

4.00
0
negative
0.25

9

The figure shows the relationship between Moira's income and the quantity of macroni that she demands. When income is less than $350 per month, macaroni ______________________.

is a normal good
has negative income elasticity
has many substitutes
is an inferior good

10

The table gives some data on the supply of roses in a small town. When the price rises from $15 a dozen to $25 a dozen, the elasticity of supply is ___________.

0.20
0.80
1.25
5.00

Please enter your name and press the SEND button

Eco05L3

1

The figure shows the demand curve for popsicles. The price elasticity of demand when the price of a popsicle increases from $0.30 to $0.50 is _________.

0
2
1/2
1

2

The figure illustrates Anne's demand for books. At _________________ a book, Anne's demand for books is elastic.

all prices below $30
all prices between $10 and $15
$15
all prices between $15 and $30

3

Cola has more close substitutes than do soft drinks. The price elasticity of demand for cola is _______ the price elasticity of demand for soft drinks.

greater than
a lot less than
the same as
less than

4

The figure illustrates the demand for eggs. At what price will egg sellers maximize their total revenue?

$0.75 a dozen
above $0.75 a dozen
less than $0.75 a dozen
$1.50 a dozen

5

The price elasticity of demand for videos is 4. If the price of a video increased by 2 percent, the quantity demanded will ___________________.

decrease by 8 percent
decrease by 0.5 percent
increase by 8 percent
decrease by 2 percent

6

Sara's Strawberry Market maximizes its total revenue by selling strawberries for $1.25 a basket. At a price of $1.25, you predict that ______________.

the demand for strawberries is unit elastic
the demand for strawberries is elastic
the demand for strawberries is inelastic
Sara's sells all the strawberries that it grows

7

Donuts and coffee are complements. When the price of a donut increases, the demand for coffee and the cross elasticity of demand for coffee with respect to the price of a donut is ___.

decreases; negative
increases; positive
increases; negative
decreases; positive

8

If when income increases by 15 percent increase and the price does not change the quantity of airplane travel demanded increases by 60 percent, then the income elasticity of demand of airplane travel is _________.

4.00
0
negative
0.25

9

The figure shows the relationship between Moira's income and the quantity of macroni that she demands. When income is less than $350 per month, macaroni ______________________.

is a normal good
has negative income elasticity
has many substitutes
is an inferior good

10

The table gives some data on the supply of roses in a small town. When the price rises from $15 a dozen to $25 a dozen, the elasticity of supply is ___________.

0.20
0.80
1.25
5.00

Please enter your name and press the SEND button

Eco05L3

1

The figure shows the demand curve for popsicles. The price elasticity of demand when the price of a popsicle increases from $0.30 to $0.50 is _________.

0 2 1/2 1

2

The figure illustrates Anne's demand for books. At _________________ a book, Anne's demand for books is elastic.

all prices below $30 all prices between $10 and $15 $15 all prices between $15 and $30

3

Cola has more close substitutes than do soft drinks. The price elasticity of demand for cola is _______ the price elasticity of demand for soft drinks.

greater than a lot less than the same as less than

4

The figure illustrates the demand for eggs. At what price will egg sellers maximize their total revenue?

$0.75 a dozen above $0.75 a dozen less than $0.75 a dozen $1.50 a dozen

5

The price elasticity of demand for videos is 4. If the price of a video increased by 2 percent, the quantity demanded will ___________________.

decrease by 8 percent decrease by 0.5 percent increase by 8 percent decrease by 2 percent

6

Sara's Strawberry Market maximizes its total revenue by selling strawberries for $1.25 a basket. At a price of $1.25, you predict that ______________.

the demand for strawberries is unit elastic the demand for strawberries is elastic the demand for strawberries is inelastic Sara's sells all the strawberries that it grows

7

Donuts and coffee are complements. When the price of a donut increases, the demand for coffee __________ and the cross elasticity of demand for coffee with respect to the price of a donut is _____________.

decreases; negative increases; positive increases; negative decreases; positive

8

If when income increases by 15 percent increase and the price does not change the quantity of airplane travel demanded increases by 60 percent, then the income elasticity of demand of airplane travel is _________.

4.00 0 negative 0.25

9

The figure shows the relationship between Moira's income and the quantity of macroni that she demands. When income is less than $350 per month, macaroni ______________________.

is a normal good has negative income elasticity has many substitutes is an inferior good

10

The table gives some data on the supply of roses in a small town. When the price rises from $15 a dozen to $25 a dozen, the elasticity of supply is ___________.

0.20 0.80 1.25 5.00

Please enter your name and press the SEND button

0
2
1/2
1

all prices below $30
all prices between $10 and $15
$15
all prices between $15 and $30

greater than
a lot less than
the same as
less than

$0.75 a dozen
above $0.75 a dozen
less than $0.75 a dozen
$1.50 a dozen

decrease by 8 percent
decrease by 0.5 percent
increase by 8 percent
decrease by 2 percent

the demand for strawberries is unit elastic
the demand for strawberries is elastic
the demand for strawberries is inelastic
Sara's sells all the strawberries that it grows

Donuts and coffee are complements. When the price of a donut increases, the demand for coffee and the cross elasticity of demand for coffee with respect to the price of a donut is ___.

decreases; negative
increases; positive
increases; negative
decreases; positive

4.00
0
negative
0.25

is a normal good
has negative income elasticity
has many substitutes
is an inferior good

0.20
0.80
1.25
5.00