Contents
#1. What is the main determinant of the price elasticity of demand?
#2. The income elasticity of demand for a normal good is:
#3. In the law of demand, what is the relationship between price and quantity demanded?
#4. If the percentage change in quantity supplied is less than the percentage change in price, the supply is:
#5. What is the main determinant of elasticity of supply?
#6. if a monopolist is practicing price discrimination, what does it mean?
#7. In the long run, a firm in a perfectly competitive market will produce where:
#8. A tax imposed on a good will generally result in:
#9. If the demand for a good is elastic, what happens to total revenue when price decreases?
#10. What is the primary focus of microeconomics?
#11. What is the formula for price elasticity of demand?
#12. If supply is perfectly inelastic, the price elasticity of supply is:
#13. What is the formula for calculating the total cost of production?
#14. What is a characteristic of a public good?
#15. Which of the following is an example of a substitute good?
#16. A shift to the right in the supply curve is caused by:
#17. What does the demand curve show?
#18. If the price elasticity of demand is greater than 1, the demand is:
#19. A perfectly elastic demand curve is:
#20. What is the formula for calculating profit?
#21. What is the purpose of antitrust laws?
#22. If the government imposes a per-unit tax on a good, how does it affect the supply curve?
#23. Elasticity of demand measures:
#24. Cross-price elasticity measures the responsiveness of the quantity demanded of one good to a change in the price of:
#25. If a good is a necessity and has few substitutes, its demand is likely to be:
Results
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