Transcript The demand for a good or service is determined by
The demand for a good or service is determined by
1. those who buy the good or service.
2. the government.
3. the producers who create the good or service.
4. those who supply the raw
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materials used in the production of the good or service.
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Suppose scientists provide evidence to the effect that chocolate pudding increases cholesterol. We would expect to see 1. no change in the demand for chocolate pudding.
2. a decrease in the demand for chocolate pudding.
3. an increase in the demand for chocolate pudding.
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4. a decrease in the supply of chocolate pudding.
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Kelly and David are both capable of repairing cars and cooking meals. Which of the following scenarios is
not
possible?
1. Kelly has a comparative advantage in repairing cars and David has a comparative advantage in cooking meals.
2. Kelly has an absolute advantage in repairing cars and David has an absolute advantage in cooking meals.
3. Kelly has a comparative advantage in repairing cars and in cooking meals.
4. Kelly has an absolute advantage in repairing cars and in cooking meals.
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If demand is inelastic, then
1.
2.
3.
4.
buyers do not respond much to a change in price.
buyers respond substantially to a change in price, but the response is very slow.
buyers do not alter their quantities demanded much in response to advertising, fads, or general changes in tastes.
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the demand curve is very flat.
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According to the graph below, the per-unit burden of the tax on buyers is
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0% $14.00
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$14.
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Variable cost divided by quantity produced is 1. average total cost.
2. marginal cost.
3. profit.
4. None of the above is correct.
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Refer to the figure below. Which of the following areas represents the deadweight loss due to monopoly pricing?
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Triangle bde 2.
Triangle bge 3.
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Rectangle acdb Rectangle cfgd
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