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1.Which of the following is consistent with the law of supply?
a.As the price of calculators rises, the supply of calculators increases, ceteris paribus.
b.As the price of calculators falls, the supply of calculators increases, ceteris paribus.
c.As the price of calculators rises, the quantity supplied of calculators increases, ceteris paribus.
d.As the price of calculators rises, the quantity supplied of calculators decreases, ceteris paribus.
2. DVDs and DVD Players are complements. An increase in the price of DVD Players would cause which of the following in the market for DVDs?
a.The equilibrium price and quantity of DVDs would increase.
b.The equilibrium price and quantity of DVDs would decrease.
c.The equilibrium price of DVDs would increase and the equilibrium quantity would decrease.
d.The equilibrium price of DVDs would decrease and the equilibrium quantity would increase.
Are these correct? Thanks, Answer is next to number of question
C 1. Which of the following is consistent with the law of supply?
a. As the price of calculators rises, the supply of calculators increases, ceteris paribus.
b. As the price of calculators falls, the supply of calculators increases, ceteris paribus.
c. As the price of calculators rises, the quantity supplied of calculators increases, ceteris paribus.
d. As the price of calculators rises, the quantity supplied of calculators decreases, ceteris paribus.
A 2. DVDs and DVD Players are complements. An increase in the price of DVD Players would cause which of the following in the market for DVDs?
a. The equilibrium price and quantity of DVDs would increase.
b. The equilibrium price and quantity of DVDs would decrease.
c. The equilibrium price of DVDs would increase and the equilibrium quantity would decrease.
d. The equilibrium price of DVDs would decrease and the equilibrium quantity would increase.
A 4. The price of hot dogs changes by 22% and the quantity of hot dogs demanded changes by 25%. This indicates that demand for hot dogs is
a. elastic.
b. inelastic.
c. unitarily elastic.
d. perfectly elastic.
C 5. If total revenue increases after a price increase, demand is
a. Inelastic.
b. unitarily elastic.
c. perfectly elastic.
d. elastic.
C 6. Substitutes are goods that people buy
a. more of when their incomes increase.
b. less of when their incomes increase.
c. instead of another product whose price has increased.
d. to use with another product.
B 7. If an increase in the price of accordions does not change total revenue from accordion sales, what can we infer about the price elasticity of demand for accordions?
a. Elastic
b. Inelastic
c. Unit elastic
d. Perfectly elastic
e. Perfectly Inelastic
4 answers
For number 1, I don't see the difference between a. and c.
1) c is correct. (Mostly semantics, but a change in supply is a shift in the supply curve, a change in quantity supplied is a movement along a curve.
2) go with b. (hint: draw supply and demand curves for DVD's. An increase in DVD Players does what to the Demand for DVD's? )
2) go with b. (hint: draw supply and demand curves for DVD's. An increase in DVD Players does what to the Demand for DVD's? )
assume that hamburgers and french fries are complements. if the price of french fries falls, what will happen in the market for hamburgers?
a.there will be a movement from one point to another along the demand curve for hamburgers b.there will be a movement from one point to another along the supply curve for hamburgers c.the demand curve for hamburgers will shift to the right d.the supply curve for hamburgers will shift to the right
a.there will be a movement from one point to another along the demand curve for hamburgers b.there will be a movement from one point to another along the supply curve for hamburgers c.the demand curve for hamburgers will shift to the right d.the supply curve for hamburgers will shift to the right
1 answer