Chương 5

1. 11. A life-saving medicine without any close substitutes
   will tend to have
   a. a small elasticity of demand.
   b. a large elasticity of demand.
   c. a small elasticity of supply.
   d. a large elasticity of supply.
   

   1. Aa
   2. Bb
   3. Cc
   4. Dd
2. 22. The price of a good rises from $8 to $12, and the
   quantity demanded falls from 110 to 90 units.
   Calculated with the midpoint method, the price
   elasticity of demand is
   a. 1/5.
   b. 1/2.
   c. 2.
   d. 5.
   
   

   1. Aa
   2. Bb
   3. Cc
   4. Dd
3. 33. A linear, downward-sloping demand curve is
   a. inelastic
   b. unit elastic.
   c. elastic.
   d. inelastic at some points, and elastic at other
   

   1. Aa
   2. Bb
   3. Cc
   4. Dd
4. 44. The ability of firms to enter and exit a market over
   time means that, in the long run,
   a. the demand curve is more elastic.
   b. the demand curve is less elastic.
   c. the supply curve is more elastic.
   d. the supply curve is less elastic.
   

   1. Aa
   2. Bb
   3. Cc
   4. Dd
5. 55. An increase in the supply of a good will decrease the
   total revenue producers receive if
   a. the demand curve is inelastic.
   b. the demand curve is elastic.
   c. the supply curve is inelastic.
   d. the supply curve is elastic.
   

   1. Aa
   2. Bb
   3. Cc
   4. Dd
6. 66. Over time, technological advance increases consumers’
   incomes and reduces the price of smartphones. Each
   of these forces increases the amount consumers spend
   on smartphones if the income elasticity of demand
   is greater than ________ and if the price elasticity of
   demand is greater than ________.
   a. zero, zero
   b. zero, one
   c. one, zero
   d. one, one
   

   1. Aa
   2. Bb
   3. Cc
   4. Dd

Descrição

TN

Autor

Nguyen Thi My Huong B2306994

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English

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