question
Larger quantities of any good will be supplied at higher prices because
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b. Higher prices attract resources from other uses
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The market supply curve of a particular product indicates the total quantities
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c. That sellers are willing and able to offer at alternative prices
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Supply and demand curve both
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c. Relate quantities to prices
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The equilibrium point represents the only price quantity combination in a market that
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c. Exactly matches the independent plans of buyers and sellers
question
Price elasticity of demand is calculated as
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a. The percentage change in quantity demanded divided by the percentage change in price
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In calculating price elasticity of demand, which of the following is assumed to be constant
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d. The prices of all other products
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If an increase in the price of a product from $100 to $200 per unit leads to a decrease in quantity demanded form 10 to 8 units, then demand is
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c. Inelastic
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The price of elasticity of demand
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d. Tells producers what will happen to total revenue if they change product price
question
If a tripling of price triples quantity of a good supplied, the price elasticity of supply is
answer
c. 1
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