Quiz 5 Microeconomics - Custom Scholars
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# Quiz 5 Microeconomics

question
Which of the following factors does not have an effect on the price elasticity of demand?
Surplus of good
question
Consumers taking advantage of price discrimination by using coupons and going to early movies have a relatively higher measure of this type of price elasticity of demand than those who do not bother with coupons or ignore cheaper matinee options.
Elastic demand (very price sensitive)
question
Which of the following does not have an inelastic demand?
Butter
question
Why does Coca Cola have elastic demand?
Because it has good substitutes
question
Why is the demand for margarine very elastic?
Because it has good substitutes
question
Which of the following is the correct formula to calculate price elasticity of demand?
% Change qd/ % change P
question
When demand is elastic , a decrease in price causes an increase in total revenues.
True
question
When demand is inelastic, an increase in price causes an increase in total revenue.
True
question
Elasticity increases as the length of time for adjustment increases.
True
question
demand becomes more elastic as the percent of budget assigned to a good increases.
True
1 of 10
question
Which of the following factors does not have an effect on the price elasticity of demand?
Surplus of good
question
Consumers taking advantage of price discrimination by using coupons and going to early movies have a relatively higher measure of this type of price elasticity of demand than those who do not bother with coupons or ignore cheaper matinee options.
Elastic demand (very price sensitive)
question
Which of the following does not have an inelastic demand?
Butter
question
Why does Coca Cola have elastic demand?
Because it has good substitutes
question
Why is the demand for margarine very elastic?
Because it has good substitutes
question
Which of the following is the correct formula to calculate price elasticity of demand?
% Change qd/ % change P
question
When demand is elastic , a decrease in price causes an increase in total revenues.
True
question
When demand is inelastic, an increase in price causes an increase in total revenue.
True
question
Elasticity increases as the length of time for adjustment increases.
True
question
demand becomes more elastic as the percent of budget assigned to a good increases.
True

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