Question 1

The midpoint price between $20 and $40 is

Accepted Answer

A)  $10
B)  $20
C)  $30
D)  $15
E)  $200

Question 2

)   Between points b and c in Exhibit 5­7, price decreases by $1, quantitydemanded increases by 10,

Accepted Answer

A)  total revenue decreases by $1, and demand is elastic
B)  total revenue decreases by $1, and demand is inelastic
C)  total revenue increases by $40, and demand is elastic
D)  total revenue increases by $40, and demand is inelastic
E)  and total revenue increases by $80

Question 3

)   Which of the following is not true in the range of the total revenue curvelabeled A in Exhibit 5­8?

Accepted Answer

A)  Demand is inelastic.
B)  Total revenue is increasing.
C)  Total revenue is positive.
D)  Demand is elastic.
E)  Demand elasticity decreases as total revenue increases.

Question 4

If the administration raises tuition on our campus in order to increaserevenue, it will

Accepted Answer

A)  not be successful if the demand curve slopes downward
B)  be successful if demand is elastic
C)  be successful if demand is inelastic
D)  be successful if supply is elastic
E)  be successful if supply is inelastic

Question 5

We can tell that demand is elastic as price falls between point a and point bin Exhibit 5­6 because

Accepted Answer

A)  quantity demanded is increasing
B)  total revenue is increasing
C)  total revenue is decreasing
D)  total revenue is unchanged
E)  the demand curve slopes downward

Question 6

"More elastic" means

Accepted Answer

A)  unchanging
B)  less desirable
C)  more desirable
D)  less responsive
E)  more responsive

Exam 5: Elasticity of Demand and Supply

"More elastic" means

Correct Answer
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The midpoint price between $20 and $40 is

Correct Answer
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We can tell that demand is elastic as price falls between point a and point bin Exhibit 56 because

Correct Answer
verified

If the administration raises tuition on our campus in order to increaserevenue, it will

Correct Answer
verified

) Between points b and c in Exhibit 57, price decreases by $1, quantitydemanded increases by 10,

Correct Answer
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) Which of the following is not true in the range of the total revenue curvelabeled A in Exhibit 58?

Correct Answer
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Exam 5: Elasticity of Demand and Supply

"More elastic" means

Correct AnswerverifiedShow Answer

The midpoint price between $20 and $40 is

Correct AnswerverifiedShow Answer

We can tell that demand is elastic as price falls between point a and point bin Exhibit 5­6 because

Correct AnswerverifiedShow Answer

If the administration raises tuition on our campus in order to increaserevenue, it will

Correct AnswerverifiedShow Answer

) Between points b and c in Exhibit 5­7, price decreases by $1, quantitydemanded increases by 10,

Correct AnswerverifiedShow Answer

) Which of the following is not true in the range of the total revenue curvelabeled A in Exhibit 5­8?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

We can tell that demand is elastic as price falls between point a and point bin Exhibit 56 because

Correct Answer
verified

Correct Answer
verified

) Between points b and c in Exhibit 57, price decreases by $1, quantitydemanded increases by 10,

Correct Answer
verified

) Which of the following is not true in the range of the total revenue curvelabeled A in Exhibit 58?

Correct Answer
verified