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246801If the demand curve for open-heart surgery is vertical for people with serious heart conditions, then the demand for open-heart surgery is __ with respect to price.
246802A demand curve that is drawn as a vertical line has a price elasticity of demand equal to:
246803If the slope of a demand curve is infinite, then the price elasticity of demand is:
246804If the percentage change in quantity demanded is zero for any percentage change in the price of the good, demand is classified as:
246805For any horizontal demand curve, the price elasticity of demand is:
246806If a demand curve is horizontal at P = $5, then the price elasticity of demand is:
246807If the demand curve is horizontal, then demand is:
246808If consumers completely cease purchasing a product when its price increases by any amount, then demand is:
246809The price elasticity of demand equals 1:
246810Suppose the price P on a given demand curve results in a price elasticity of demand equal to 1. Any price higher than P will lie on the _ part of the demand curve, and any price lower than P will lie on the _ part of the demand curve.
246811At the midpoint of a straight-line demand curve, the price elasticity of demand is:
246812On a given linear demand curve, as price increases demand becomes __
246813As one moves down along a linear demand curve (i.e., from high price, low quantity pairs to low price, high quantity pairs), demand:
246814Refer to the figure below. At P = 4, how does the price elasticity of demand for D1 compare to that for D2?
246815Refer to the figure below. When P = 4, the price elasticity of demand for the demand curve D1 is _ and D2 is _.
246816Refer to the figure below. At P = 8 and Q = 4, D1 is _ elastic than D2, which is shown graphically as D1 being _ D2.
246817Refer to the figure below. When the price is equal to 8, the price elasticity of demand for the demand curve D1 is _ and for D2 the price elasticity of demand is _.
246818Refer to the figure below. For demand curve D1, what is the price elasticity of demand when P = 12?
246819Refer to the figure below. The absolute value of the slope of the demand curve D1 is _, and the absolute value of the slope of demand curve D2 is _.
246820Refer to the figure below. What is the price elasticity of demand when the price of rice is $6 per pound?
246821Refer to the figure below. What is the price elasticity of demand when the price of rice is $3 per pound?
246822Suppose two demand curves intersect and so have a point in common. At that point, demand shown by the steeper curve will be __ the flatter curve.
246823The following graph depicts demand. At point D, demand is:
246824The following graph depicts demand. The price elasticity of demand at point D is:
246825The following graph depicts demand. The price elasticity of demand at point C is:
246826The following graph depicts demand. The price elasticity of demand at point B is:
246827The following graph depicts demand. At point A, demand is:
246828The following graph depicts demand. The price elasticity of demand at point A is:
246829The following graph depicts demand. The slope of the demand curve (ignoring the negative sign) is:
246830If the absolute value of the slope of the demand curve is 0.25, price is $8 per unit, and quantity demanded is 12 units, then demand for this good is:
246831If the absolute value of slope of the demand curve is 2.5, price is $6 per unit, and the quantity demanded is 8 units, then the price elasticity of demand is:
246832If the quantity demanded of a good is Q when the price for the good is P, the price elasticity of demand for that good at that point is:
246833Suppose you learn that in 1900, households spent about 40 percent of their budget on food, and today, they spend about 10 percent of their budget of food. All else equal, this suggests that the price elasticity of demand for food:
246834If the elasticity of demand for the latest American Idol album is 1.4, this means
246835Economists have found that the price elasticity of demand for water is higher in the summer than in the winter. Why is this likely to be so?
246836Suppose that the short-run price elasticity of demand for electricity is 0.03, and the long-run price elasticity of demand is 1.2. One would classify the short-run elasticity as being _ and the long-run elasticity as being _.
246837The reason a brand name item (e.g., Tyson chicken) has a larger price elasticity than a class of items (e.g., chicken) is that:
246838Suppose you have one hour to catch a flight to Miami for spring break, and it takes 45 minutes to drive to the airport. Your car is almost out of gas and the price of gas at the closest gas station is higher than at other gas stations that are much farthe
246839Demand tends to be __ in the short run than in the long run.
246840You would expect the price elasticity of demand for transportation generally to be:
246841All else equal, compared to small-budget items such as paper towels, the price elasticity of demand for big-ticket items such as refrigerators is __.
246842All else equal, the price elasticity of demand for small-budget items such as soap tends to be __ than the price elasticity of demand for big-ticket items such as flat-screen TVs.
246843Suppose that there is only one small clothing store in the remote village of Green Acres, and until recently the townspeople bought their shirts there. As more people in Green Acres become connected to the Internet, the price elasticity of demand for shir
246844Suppose that the demand for electricity has been found to be price inelastic. The most likely explanation for this finding is that:
246845Satellite TV is a close substitute for cable TV. In the 1990’s, small satellite TV units were developed that made it less costly for individual consumers to subscribe to satellite TV service. This caused the price elasticity of demand for cable TV service
246846Jeans in general have fewer close substitutes than a specific brand of jeans. Therefore, the demand for jeans in general will be __ than the demand for a specific brand of jeans.
246847All else equal, the price elasticity of demand for a good tends to be lower:
246848Suppose the price of a Snickers candy bar is $2.00 at both the airport and the grocery store. The price elasticity of demand for a Snickers candy bar at an airport is likely to be __ the price elasticity of demand for a Snickers candy bar at the grocery s
246849Suppose the company that owns the vending machines on your campus has doubled the price of a can of soda. If they then still sell almost the same number of sodas per day, this suggests:
246850Suppose the company that owns the vending machines on your campus has doubled the price of a can of soda. They then notice that they are selling approximately 15% fewer sodas. The price elasticity of demand for sodas from the campus vending machines, ther
246851For which of the following products is demand likely to be least elastic with respect to price?
246852Which of the following is likely to have the highest price elasticity of demand?
246853If consumers cannot readily switch to a close substitute when the price of a good increases, the demand for that good is likely to be:
246854When the demand for a good is inelastic, that good is likely to have:
246855If consumers can easily switch to a close substitute when the price of a good increases, demand for that good is likely to be:
246856If the demand for a good is highly elastic, that good is likely to have:
246857If the percentage change in the price of a good is equal to the percentage change in the quantity demanded of that good, then the demand for that good is:
246858Suppose a 10% increase in the price of aspirin leads to a 5% decrease in the quantity demanded of aspirin. The demand for aspirin, therefore, is
246859If consumers respond to a 10% price reduction by buying twice as much of a particular good, we would conclude that:
246860If the percentage change in the price of a good is less than the resulting percentage change in the quantity demanded of that good, then the demand for that good is:
246861When the price of NBA tickets is $25 each, 30,000 tickets are sold. After the price rises to $30 each, 20,000 tickets are sold. At the original price, the demand for NBA ticket is:
246862When the price of hot dogs is $1.50 each, 500 hot dogs are sold every day. After the price falls to $1.35 each, 510 hot dogs are sold every day. At the original price, what is the price elasticity of demand for hot dogs?
246863If the price elasticity of demand for a good equals one, then the demand for that good is:
246864The demand for a good is unit elastic with respect to price if the price elasticity of demand is:
246865The demand for a good is inelastic with respect to price if the price elasticity of demand is:
246866If the price elasticity of demand for a good is greater than one, then the demand for that good is:
246867The demand for a good is elastic if the price elasticity of demand is:
246868If the price elasticity of demand for cigarettes is 0.55, and the price of cigarettes increases by 10 percent, then the quantity of cigarettes demanded will fall by:
246869If the price elasticity of demand for chicken is 2, then a 20% decrease in the price of chicken will lead to a:
246870If the price elasticity of demand for pineapples is 0.75, then a 4% increase in the price of pineapples will lead to a:
246871If a 10% decrease in the price of a good leads to a 20% increase in the quantity demanded, then what is the price elasticity of demand?
246872If 20% increase in the price of a good leads to a 60% decrease in the quantity demanded, then what is the price elasticity of demand?
246873If the absolute value of the price elasticity of demand for cell phone service is 3, then if the price of cell phone service increases by 1%, quantity demanded would:
246874If the absolute value of the price elasticity of demand for tickets to a football game is 2, then if the price increases by 1%, quantity demanded decreases by:
246875The price elasticity of demand is typically expressed as a positive number because:
246876If the price of textbooks increases by one percent and the quantity demanded falls by one-half percent, then demand for textbooks is:
246877If the price of textbooks increases by one percent and the quantity demanded falls by one-half percent, then the price elasticity of demand is equal to:
246878If the price of cheese falls by 1 percent and the quantity demanded rises by 3 percent, then the price elasticity of demand for cheese is equal to:
246879When calculating price elasticity of demand, if the percentage change in price is negative, then the percentage change in quantity demanded is typically:
246880The percentage change in quantity demanded that results from a 1 percent change in price is known as the:
246881The price elasticity of demand is a measure of:
246882The price elasticity of demand for a good measures the responsiveness of:
246883In 1985 a desert community stopped pumping water from a 1000 foot well because it had run dry. In 2005 the price of water doubled. The community then drilled the well deeper and started pumping again. In this community,
246884You read online that, at current rates of production, the yearly world supply of food is sufficient to feed the projected 2050 population of earth, but that after 2050 there will be massive starvation. This prediction appears to assume that:
246885For Outback Steakhouse, seating capacity is limited in the short run. In the long run, they can add as many seats as they want. Therefore, the price elasticity of supply for meals at Outback would be __ in the short run than in the long run.
246886The championship game will be held next weekend in your college’s 40,000-seat stadium. The supply of tickets to the game:
246887Oil and oil products remain the main fuel for cars, planes, ships, and power plants. The amount of oil still in the earth is finite. Given this information, the supply of gasoline is __.
246888Antony’s Pizza uses the same dough, sauce, and cheese for pizza and calzones. When the price of pizza is low Antony produces more calzones. For Antony, the supply of pizza is __ compared to the supply at a pizza restaurant that does not serve calzones.
246889Suppose that each serving of Mac & Cheese costs $0.50 to make no matter how many servings are produced. This means that the price elasticity of supply for Mac & Cheese is _ and the supply curve is _.
246890The price elasticity of supply for the Hope Diamond is zero because there is only one. Therefore, the supply curve for the Hope Diamond is
246891The inputs used to produce cupcakes (e.g., flour, sugar, butter, and labor) are also used to produce cookies, cakes, muffins, pies and many other goods. This suggests that:
246892It takes many years to train to become an orthopedic surgeon. This suggests that, in the short run, a sudden increase in the demand for orthopedic surgeons will:
246893Refer to the figure below. If the price rises from $10 to $14, what will happen to the price elasticity of supply?
246894Refer to the figure below. If P = $6, then the price elasticity of supply is:
246895Refer to the figure below. What is the price elasticity of supply at point B and point C?
246896Refer to the figure below. What is the price elasticity of supply at point A?
246897Refer to the figure below. What is the slope of the supply curve?
246898Suppose an increase in the price of hamburger from $3 to $4 leads to an increase in quantity supplied from 100 units to 150 units. At the original price, the price elasticity of supply for hamburgers is _ so supply is _.
246899Suppose an increase in the price of golf clubs from $75 to $125 leads to an increase in quantity supplied from 200 units to 300 units. The price elasticity of supply for golf clubs at the original price of $75 is _, so supply is _.
246900If a one percent increase in the price of oranges leads to a five percent increase in the quantity supplied, the price elasticity of supply for oranges is __.
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