reading assignment one & two - Custom Scholars
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# reading assignment one & two

question
CHAPTER TWO
...
question
suppose the law of demand for good X is given by Qxd = 10 + axPx + ayPy + amM. from the law of demand, we know that ax will be

-less than zero
-greater than zero
-zero
-zero or less than or greater than zero
less then zero
question
a change in income will not lead to

-a movement along the demand curve
-a leftward shift of the demand curve
-a rightward shift of the demand curve
-a determinable shift in the demand curve as there is insufficient information
a movement along the demand curve
question
the buyer side of the market is known as

-income side
-demand side
-supply side
-seller side
demand side
question
suppose the demand for good x is given by Qxd = 10 -2Px +Py +M. the price of good x is \$1, the price of good y is \$10, and income is \$100. given these prices and incomes, how much of good x will be purchased?

-115
-515
-1000
-none of the statements associated with this question are correct
none of the statements associated with this question are correct
question
if a and b are complements, an increase in the price of good a would be

-have no effect on the quantity demanded of B
-lead to an increase in demand of B
-lead to a decrease in demand for B
-not lead to an effect on the quantity demanded of B nor an increase or decrease in the demand for B
lead to a decrease in demand for B
question
suppose market demand and supply are given by Qd = 100 - 2P and Qs = 5 + 3p. the equilibrium price is

-15
-19
-17
-20
\$19
question
an ad valorem tax cases the supply curve to

-shift to the right
-become flatter
-become steeper
-shift to the left
become steeper
question
the law of supply states that, holding all else constant, as the price of good falls,

-quantity demanded rises
-quantity supplied falls
-quantity supplied rises
-quantity demanded falls
quantity supplied falls
question
changes in the price of a good lead to

-changes in the quantity supplied of the good
-changes in supply
-changes in demand
-no effects in quantity supplied or demanded
changes in the quantity supplied of the good
question
the maximum legal price that can be charged in a market is

-a price floor
-the market equilibrium price
-a price ceiling
a price ceiling
question
CHAPTER THREE
...
question
a price elasticity of zero corresponds to a demand curve that is
vertical
question
if apples have an own price of elasticity of -1.2, we know the demand is
elastic
question
if qd for speeders falls by 10% when price increases 25%, the own price elasticity of speakers is
.40
question
the quantity consumed of a good is relatively unresponsive to changes in price when
inelastic
question
demand is perfectly elastic when the absolute value of own price elasticity of demand is
infinite
question
the demand curve for a good is horizontal when it is
a perfectly price elastic good
question
suppose Qxd = 10,000 - 2Px +3 Py - 4.5M
-Px = 100
-Py = 50
M = 2,000
950 units
question
demand is more inelastic in the short-term because
consumers have no time to find available substitutes
question
elasticity shows the responsiveness of the demand for a good due to changes in the price of a related good is the
cross-price elasticity
question
if the cross-price elasticity between goods A+B is negative, we know the goods are
complements
1 of 22
question
CHAPTER TWO
...
question
suppose the law of demand for good X is given by Qxd = 10 + axPx + ayPy + amM. from the law of demand, we know that ax will be

-less than zero
-greater than zero
-zero
-zero or less than or greater than zero
less then zero
question
a change in income will not lead to

-a movement along the demand curve
-a leftward shift of the demand curve
-a rightward shift of the demand curve
-a determinable shift in the demand curve as there is insufficient information
a movement along the demand curve
question
the buyer side of the market is known as

-income side
-demand side
-supply side
-seller side
demand side
question
suppose the demand for good x is given by Qxd = 10 -2Px +Py +M. the price of good x is \$1, the price of good y is \$10, and income is \$100. given these prices and incomes, how much of good x will be purchased?

-115
-515
-1000
-none of the statements associated with this question are correct
none of the statements associated with this question are correct
question
if a and b are complements, an increase in the price of good a would be

-have no effect on the quantity demanded of B
-lead to an increase in demand of B
-lead to a decrease in demand for B
-not lead to an effect on the quantity demanded of B nor an increase or decrease in the demand for B
lead to a decrease in demand for B
question
suppose market demand and supply are given by Qd = 100 - 2P and Qs = 5 + 3p. the equilibrium price is

-15
-19
-17
-20
\$19
question
an ad valorem tax cases the supply curve to

-shift to the right
-become flatter
-become steeper
-shift to the left
become steeper
question
the law of supply states that, holding all else constant, as the price of good falls,

-quantity demanded rises
-quantity supplied falls
-quantity supplied rises
-quantity demanded falls
quantity supplied falls
question
changes in the price of a good lead to

-changes in the quantity supplied of the good
-changes in supply
-changes in demand
-no effects in quantity supplied or demanded
changes in the quantity supplied of the good
question
the maximum legal price that can be charged in a market is

-a price floor
-the market equilibrium price
-a price ceiling
a price ceiling
question
CHAPTER THREE
...
question
a price elasticity of zero corresponds to a demand curve that is
vertical
question
if apples have an own price of elasticity of -1.2, we know the demand is
elastic
question
if qd for speeders falls by 10% when price increases 25%, the own price elasticity of speakers is
.40
question
the quantity consumed of a good is relatively unresponsive to changes in price when
inelastic
question
demand is perfectly elastic when the absolute value of own price elasticity of demand is
infinite
question
the demand curve for a good is horizontal when it is
a perfectly price elastic good
question
suppose Qxd = 10,000 - 2Px +3 Py - 4.5M
-Px = 100
-Py = 50
M = 2,000
950 units
question
demand is more inelastic in the short-term because
consumers have no time to find available substitutes
question
elasticity shows the responsiveness of the demand for a good due to changes in the price of a related good is the
cross-price elasticity
question
if the cross-price elasticity between goods A+B is negative, we know the goods are
complements

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