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Quiz 5 Microeconomics

question
Which of the following factors does not have an effect on the price elasticity of demand?
answer
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.
answer
Elastic demand (very price sensitive)
question
Which of the following does not have an inelastic demand?
answer
Butter
question
Why does Coca Cola have elastic demand?
answer
Because it has good substitutes
question
Why is the demand for margarine very elastic?
answer
Because it has good substitutes
question
Which of the following is the correct formula to calculate price elasticity of demand?
answer
% Change qd/ % change P
question
When demand is elastic , a decrease in price causes an increase in total revenues.
answer
True
question
When demand is inelastic, an increase in price causes an increase in total revenue.
answer
True
question
Elasticity increases as the length of time for adjustment increases.
answer
True
question
demand becomes more elastic as the percent of budget assigned to a good increases.
answer
True
1 of 10
question
Which of the following factors does not have an effect on the price elasticity of demand?
answer
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.
answer
Elastic demand (very price sensitive)
question
Which of the following does not have an inelastic demand?
answer
Butter
question
Why does Coca Cola have elastic demand?
answer
Because it has good substitutes
question
Why is the demand for margarine very elastic?
answer
Because it has good substitutes
question
Which of the following is the correct formula to calculate price elasticity of demand?
answer
% Change qd/ % change P
question
When demand is elastic , a decrease in price causes an increase in total revenues.
answer
True
question
When demand is inelastic, an increase in price causes an increase in total revenue.
answer
True
question
Elasticity increases as the length of time for adjustment increases.
answer
True
question
demand becomes more elastic as the percent of budget assigned to a good increases.
answer
True
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