Microeconomics chapter 3 & 6 - Custom Scholars
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Microeconomics chapter 3 & 6

question
Which of the following would most likely increase the demand for gasoline?
answer
The expectation by consumers that gasoline prices will be higher in the future.
question
An improvement in production technology will usually:
answer
Increase supply
question
Some manufacturers offer coupons because :
answer
The goods have a lot of substitutes and a higher elasticity of demand
question
A government subsidy to the producers of a product usually:
answer
Increase product supply
question
A market is in equilibrium:
answer
If the amount producers want to sell is equal to the amount consumers want to buy
question
The price elasticity of demand coefficient measures:
answer
A buyer responsiveness/sensitivity to price changes
question
ASUB raises tuition for the purpose of increasing its revenue so that more factually can be hired. ASUB is assuming that the demand for education at ASUB is:
answer
Relatively inelastic
question
The demand for a product is likely to be more elastic:
answer
The greater the amount of time over which buyers adjust to a price change
question
Which of the following generalizations is not correct?
answer
The price elasticity of demand is greater for necessities that it is for luxuries
question
The main determinant of elasticity of supply is the:
answer
Amount of time the producer has to adjust inputs in response to a price change
question
Based on the concept of price elasticity of demand, which of the following cases is most likely to occur?
answer
Colleges charging lower tuition for low-income students
question
Economists distinguish among the market period, the short tun, and the long run by noting that:
answer
Supply is the most elastic in the long run, and least elastic in the market period
question
Which of the following is not a characteristic of good that is more inelastic?
answer
It has more substitutes
question
Explain the differences between productive efficiency and allocative efficiency.
answer
Productive- produces goods in the least costly way, using the best technology, using the right mix of resources
Allocative- producing the right mix of goods, the combination of goods most highly valued by society
1 of 14
question
Which of the following would most likely increase the demand for gasoline?
answer
The expectation by consumers that gasoline prices will be higher in the future.
question
An improvement in production technology will usually:
answer
Increase supply
question
Some manufacturers offer coupons because :
answer
The goods have a lot of substitutes and a higher elasticity of demand
question
A government subsidy to the producers of a product usually:
answer
Increase product supply
question
A market is in equilibrium:
answer
If the amount producers want to sell is equal to the amount consumers want to buy
question
The price elasticity of demand coefficient measures:
answer
A buyer responsiveness/sensitivity to price changes
question
ASUB raises tuition for the purpose of increasing its revenue so that more factually can be hired. ASUB is assuming that the demand for education at ASUB is:
answer
Relatively inelastic
question
The demand for a product is likely to be more elastic:
answer
The greater the amount of time over which buyers adjust to a price change
question
Which of the following generalizations is not correct?
answer
The price elasticity of demand is greater for necessities that it is for luxuries
question
The main determinant of elasticity of supply is the:
answer
Amount of time the producer has to adjust inputs in response to a price change
question
Based on the concept of price elasticity of demand, which of the following cases is most likely to occur?
answer
Colleges charging lower tuition for low-income students
question
Economists distinguish among the market period, the short tun, and the long run by noting that:
answer
Supply is the most elastic in the long run, and least elastic in the market period
question
Which of the following is not a characteristic of good that is more inelastic?
answer
It has more substitutes
question
Explain the differences between productive efficiency and allocative efficiency.
answer
Productive- produces goods in the least costly way, using the best technology, using the right mix of resources
Allocative- producing the right mix of goods, the combination of goods most highly valued by society
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